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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 on a five-year, $70 million climate insurance fund to support the Philippine agriculture sector.
This initiative is designed as a co-insurance pool, involving private insurers alongside the Philippine Crop Insurance Corp. (PCIC) to support farmers and fisherfolk.
The Department of Finance will serve as the borrower for the World Bank loan, with the DA overseeing the program's implementation.
The loan arrangement is scheduled to be rolled out in 2026 and is projected to benefit 750,000 small farmers and fisherfolk by 2030.
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.
Agriculture Secretary Francisco Tiu Laurel Jr. stated that a stronger insurance framework reduces risk in agricultural lending, encouraging banks to provide more credit to farmers.
This will allow producers to bounce back faster after climate shocks and resume production with minimal delay.
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