The Department of Budget and Management (DBM) has released a total of P4.5 billion to cover the crop insurance premium of farmers and fisherfolk in the country.

Budget Secretary Mina Pangandaman authorized on March 19 the issuance of a Special Allotment Release Order with a total amount of P4.5 billion and its corresponding Notice of Cash Allocation for the 1st Quarter of the year in the amount of P900 million to the Philippine Crop Insurance Corporation (PCIC).

Pangandaman said the allotment will help the agriculture sector cushion the impact of the El Niño phenomenon and other natural hazards.

“In light of the escalating challenges posed by climate change, which heightens the risks to both our economy and food security, it becomes imperative to prioritize the provision of financial security and insurance to empower our farmers and fishermen,” Pangandaman said in a statement on Sunday.

“This assistance is intended to help them safeguard their means of living, ensuring they can continue their activities despite unforeseen events,” she added.

In 2023, the PCIC, a government corporation mandated to provide insurance protection to farmers, was able to insure more than 2.3 million farmers and fisherfolks listed under the Registry System for Basic Sectors in Agriculture, exceeding the target number of beneficiaries by 44,855.

For this year, PCIC's authorized appropriation of P4.5 billion under the 2024 budget is expected to cover the full cost of crop insurance premiums of over 2.292 million targeted farmers.