Home Bisnis Small farmers continue to shy away from agri insurance – INQUIRER.net

Small farmers continue to shy away from agri insurance – INQUIRER.net

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Indemnities provided by Philippine Crop Insurance Corp. (PCIC) to farmers affected by disasters have been significantly limited to those with large landholdings—a dilemma that stemmed from the lack of education among smallscale farmers.

A discussion paper published by the Philippine Institute for Development Studies (PIDS) last month, titled “Towards a More Inclusive Agricultural Insurance Program,” delved on the operations of the government’s lone agricultural insurance provider, which reflected that the lack of information dissemination among small-scale farmers had led to the concentration of indemnities to those with bigger lands.

Agricultural insurance aims to provide a safety net for farmers and fisherfolk from shocks that might affect their productivity. PIDS said this could have been particularly beneficial for the sector’s small farmers, which comprise 88.9 percent of farm holdings and 48.4 percent of the country’s
total farm area.

Based on PCIC’s penetration rate between 2015 and 2016, more than half or 66 percent of insured lands by PCIC ranged between 1 and 3 hectares (ha), while 12.5 percent were between 3 and 7 ha. The remaining 10 percent were…



Read More: https://business.inquirer.net/287214/small-farmers-continue-to-shy-away-from-agri-insurance

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