PCIC launches parametric insurance for rice farmers

The Philippine Crop Insurance Corporation (PCIC) announced plans to launch a parametric insurance program aimed at speeding up claims processing for rice farmers affected by extreme weather events.

Agriculture Secretary Francisco Tiu Laurel Jr. highlighted the initiative's goal to reduce losses and expedite recovery among local farmers, aligning with President Ferdinand R. Marcos Jr.'s vision of food security and modernized farming.

PCIC President Jovy Bernabe explained that this innovative system will compute compensation within three to five days after a storm using remote sensing technologies to measure wind velocity during typhoons.

The new program integrates georeferenced farm data with satellite imagery for verification and utilizes available weather information on typhoon direction and intensity to assess affected areas, eliminating the need for time-consuming field inspections.

Expected to be piloted during the upcoming wet harvest season starting mid-September, this initiative aims to strengthen the resilience of the agricultural sector in the face of climate-related calamities.