Speaker and Isabela Representative Faustino G. Dy III has thrown his weight behind House Bill No. 10365, aimed at enhancing the Philippine Crop Insurance Corporation (PCIC). This legislation will expand the scope of coverage for various agricultural activities, ensuring that farmers are better protected against the impacts of natural disasters.
In his statement, Dy emphasized that farmers face losses that extend beyond just crops. He stated, “When a typhoon or flood hits a farmer, it is not just the crops that are lost. Even their capital, family income, and ability to plant again are at risk.” The House passed the bill on its third and final reading with unanimous support, garnering 201 affirmative votes. The new measure aims to cover agricultural machinery, infrastructure, and even provide life and accident insurance for farmers and fisherfolk.
The proposed insurance framework seeks to align coverage with actual agricultural production costs. This includes provisions for production inputs, labor market value, and expected yields, thus enhancing financial resilience among agricultural workers.
Additionally, the bill would empower the PCIC to collaborate with private entities and agricultural cooperatives, potentially leading to innovative partnerships that better support the agricultural sector.
We need an insurance system that helps our farmers get back on their feet instead of forcing them deeper into debt.
Faustino G. Dy III, Speaker of the House
Dy further noted the importance of timely recovery for farmers and fisherfolk post-disaster. He asserted, “Insurance is not simply compensation after a loss. It can mean having the resources to plant again, repair equipment, restore a livelihood, and continue producing food for our communities.” As the Philippines faces increasing climate-related challenges, the implementation of this agricultural insurance measure could be a crucial step in safeguarding the livelihoods of those who feed the nation.