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DA secures World Bank backing for $70-million climate risk shield
The Department of Agriculture (DA) and the World Bank are collaborating to establish a $70 million climate insurance fund aimed at supporting farmers and fisherfolk.
This fund will operate as a co-insurance pool, integrating public and private insurers to share the risk of climate-triggered disasters like droughts and floods.
The World Bank plans to leverage its loan to mobilize between $300 million and $500 million in climate protection for farmers, fisherfolk, and agri-based MSMEs.
The Department of Finance will be the borrower of the World Bank loan, while the DA will oversee the program's implementation, scheduled to begin in 2026.
The initiative is projected to assist 750,000 small-scale agricultural producers by its conclusion in 2030.
Agriculture Secretary Francisco Tiu Laurel stated that a robust insurance framework can reduce agricultural lending risks, thereby encouraging banks to offer more credit to farmers.
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