By Billy Begas
The House Committee on Ways and Means on Monday approved the substitute bill on the proposal to increase the capital stock of the Philippine Crop Insurance Corp., (PCIC) from P2 billion to P10 billion.
AAMBIS-OWA party-list Rep. Sharon Garin said her proposal would help mobilize the assistance granted to small farmers and fisherfolk and cater to their needs more effectively.
PCIC is mandated to insure properties and facilities of the government used in agriculture-fishery-forestry projects, including reinsurance coverage underwritten by private and government insurance companies.
Under the measure, a reserve fund worth P500 million will be created to cover proportion of all losses in excess of risk or pure premium under the PCIC’s Crop Insurance Program for small farmers and fisherfolk.
The bill mandates the extension of reinsurance coverage to weather index-based insurance and reinsurance for palay and corn crops, high-value commercial crops, livestock, aquaculture and fishery products, agroforestry crops, and forest plantations.
It also enable PCIC to extend life and accident insurance coverage for farmers, fisherfolk, and their dependents.
The post For farmers’ benefit: House panel OKs bill raising PH Crop Insurance Corp’s capital stock to P10B first appeared on .Source: Latest Politics News Today (Politics.com.ph)
Hello, my name is Jack Sparrow. I'm a 50 year old self-employed Pirate from the Caribbean.
No comments:
Post a Comment