Almost 50k Negrense Farmers and Fisherfolk Benefit from Crop Insurance Subsidy

Crop insurance subsidy was big for the farmers and fisherfolk in Negros Occidental in 2018.

Almost PHP83 million worth of crop insurance premium subsidy provided a boost to a total of 44,690 Negrense farmers and fisherfolk.

According to the data from Philippine Crop Insurance Corp. (PCIC), those enrolled under the Registry System for Basic Sector in Agriculture (RSBSA) benefitted from a total of PHP72.9 million. This included almost PHP56.5 million for the crop sector and fishery insurance.

Breaking Down the Figures

6,051 recipients from the livestock sector availed almost PHP15.8 million in subsidy while 438 fishermen were granted PHP690,400 under the non-crop insurance (NCI).

Those who were enrolled under Negros First Universal Crop Insurance Program (NFUCIP) also got PHP9.8 million in crop insurance premium subsidy. This includes almost PHP8.3 million availed of by 8,277 rice and corn farmers and PHP1.5 million for 987 farmers under the NCI.

PCIC-Negros Occidental Provincial Extension Office Head Jose Ma. Torres said that only those who availed the utilized premium subsidy through the NFUCIP and RSBSA were covered.

PCIC, in partnership with the Negros Occidental Office of the Provincial Agriculturist, implements the NFUCIP, while the Department of Budget and Management (DBM) manages the RSBSA.

According to Torres, the premium subsidy is 10 percent of the total value that can be claimed by enrolled farmers and fisherfolk.

“The national government is paying the PCIC for the insurance premium subsidy. The fund is downloaded by the DBM,” Torres added.