August 29, 2025 | 12:00am
MANILA, Philippines — The Division of Agriculture (DA) is securing a $70-million insurance coverage fund with assist from the World Financial institution to cowl not less than 750,000 farmers nationwide, aiming to guard them from losses attributable to calamities and different dangers.
Agriculture Secretary Francisco Tiu Laurel Jr. informed lawmakers that his division is engaged on an “agri-insurance pool” program, which might be submitted to the Division of Financial system, Planning and Growth (DEPDev) for approval.
He mentioned this system, which is deliberate as a four-year initiative, is focused to start implementation within the first half of 2026.
Chatting with reporters after the listening to, Tiu Laurel mentioned this system would come with a grant element, however he didn’t disclose the quantity.
“That is additionally to design an insurance coverage product that might be advantageous to our farmers, aquaculture and fisherfolk,” he mentioned on the sidelines of the Philippine Poultry Present 2025 and the Worldwide Livestock, Dairy, Meat Processing and Aquaculture Exposition on the SMX Conference Heart in Pasay Metropolis.
He added that representatives from non-life insurers Pioneer Insurance coverage and Surety Corp., Malayan Insurance coverage Co. Inc., and Pacific Union Insurance coverage Co. had been current at their assembly final Tuesday, signaling robust curiosity from main insurance coverage corporations within the initiative.
The agriculture chief additionally mentioned they’re taking a look at offering round P50,000 to P70,000 per hectare in protection, not only for rice farmers but additionally for these planting high-value crops, mentioning particularly tomatoes, eggplant and ginger.
Protection may also prolong to livestock raisers, making certain that farmers elevating chickens, pigs and different animals can obtain assist within the occasion of illness outbreaks or different losses.
This deliberate program comes because the agriculture sector exhibits indicators of restoration, with each crop and livestock manufacturing choosing up in latest months.
Information from the Philippine Statistics Authority launched earlier this month confirmed the nation’s agricultural output grew by 5.7 p.c within the second quarter from a 12 months earlier.
The rebound was pushed by improved climate and stronger harvests in crops and poultry, surpassing the 1.9-percent progress within the first quarter and reversing the three.2-percent drop in the identical interval final 12 months.
