CROP INSURANCE FOR FARMERS
- March 5, 2019
Rang-ay Bank, through its partnership with the Philippine Crop Insurance Corporation awarded indemnity crop insurance claims to various farmers of the Ilocos Region whose crops were severely damaged by pest and Typhoon Ompong last 4th quarter of 2018.
In 2016, the bank has partnered with PCIC, which is the sole provider of crop insurance, to provide our farmer loan clients with insurance coverage for their crops. The insurance program aims to provide protection against losses arising from natural calamities, plant diseases and pest infestations of their palay and corn crops as well as other crops, considering that they only have small parcels of land thus needing help for initial capital and crop protection. The PCIC paid indemnity claims totaling to more than P500 thousand to 46 enrolled farmers for the year 2018. The biggest claims were acquired by 30 rice and corn farmers in Narvacan, Ilocos Sur amounting to P387,000.00. The amount of indemnification given to farmers depended on the actual damages in their farms based on the inspection and validation conducted by the PCIC.
