P24.4M worth of ‘insurance payments’ given to farmers hit by ‘Kristine’

MANILA, Philippines — Department of Agriculture’s government insurance company, the  Philippine Crop Insurance Corp. (PCIC), on Wednesday, November 6, said that it distributed P24.4 million worth of indemnity checks to farmers affected by Severe Tropical Storm Kristine (international name: Trami) in Bicol Region. 

The checks were handed out by Agriculture Secretary Francisco Laurel to affected farmers during the visit of President Ferdinand Marcos Jr. to the Bicol Region.

Secretary Tiu Laurel had earlier directed PCIC to expedite the release of indemnity payments to enable farmers to quickly recover from the storm's impacts.

“We need to equip our farmers and fisherfolk with financial resources to help them quickly get back on their feet, to recover from this disaster brought about by climate change,” the Agriculture chief said in a statement. 

Beyond insurance payouts, the Department of Agriculture also provided additional aid, including farm inputs like seeds and fertilizers, to support the recovery of farmers in the region.

The PCIC's initial round of indemnity payments reached 2,644 farmers across the provinces of Albay, Catanduanes, Camarines Norte, Camarines Sur, Masbate and Sorsogon. 

These areas are known for producing key agricultural products such as rice, corn, vegetables, pili, pineapple, cacao, coconut and livestock.

The Agriculture department’s insurance agency said that it continues to process additional claims from affected farmers, with initial assessments indicating that total indemnification payments may reach at least P666.5 million.

“Providing insurance protection and financial assistance through indemnities helps farmers recover from setbacks, allowing them to continue contributing to the country's food security and economic growth,” PCIC President JB Bernabe said. 

In the latest situational report from the National Disaster Risk Reduction and Management Council on Tuesday, Kristine, together with Super Typhoon Leon (international name: Kong Rey), caused an estimated P6,368,052,277.8 worth of damage to the agricultural sector.