Iloilo: The Iloilo provincial government has taken decisive action to address the insurance coverage gap affecting farmers and fisherfolk by allocating PHP10 million to bolster support for those not covered by the Department of Agriculture's subsidized insurance program.

According to Philippines News Agency, Geron Magbanua, Acting Head of the Office of the Provincial Agriculturist, announced that the fund was recently transferred to the Philippine Crop Insurance Corp. (PCIC) under the Sustainable Insurance of the Government for Upscaling and Revitalizing Agri-Fishery Development and Opportunity (SIGURADO) program. This initiative targets farmers and fisherfolk registered in the Registry System for Basic Sectors in Agriculture (RSBSA) who were previously excluded from the subsidized insurance program.

Magbanua explained that while approximately 80 to 90 percent of those in the RSBSA receive insurance coverage funded by the PCIC, about 10 percent remain uninsured. He noted that various factors, such as land ownership issues and lack of interest, contribute to this gap.

Previously, the provincial government provided financial aid to farmers impacted by calamities, but processing delays hindered timely assistance. With PCIC insurance, indemnity claims can now be processed within two months, Magbanua stated.

The PCIC has also invited the provincial government to join its partnership insurance program due to the high demand for coverage in Iloilo. In response, the provincial government has allocated PHP15 million for the program in 2023, with subsequent allocations of PHP10 million each for 2024 and 2025. The current funding will be used until it is fully utilized this year.

Iloilo is home to more than 200,000 farmers, excluding fisherfolk, with an estimated total of 250,000 beneficiaries across various agriculture and fishery sectors. Additionally, SIGURADO includes a component for life insurance coverage for job-order agriculture technicians, although specifics are still under development.