An Act Authorizing the Grant of a Full Crop Insurance Coverage to Qualified Farmers, Providing for the Required Government Premium Subsidy, and for Other Purposes.
This Bill creates the Special Rice and Corn Insurance Program for qualified farmers to be undertaken by the Department of Agriculture (DA), Department of Agrarian Reform (DAR) and the Philippine Crop Insurance Corporation (PCIC) to ensure food security and farm incomes.
- Qualified farmers consist of all rice and corn farmers cultivating a maximum of five (5) hectares.
- Coverage of the special insurance shall be on losses from natural disasters, plant diseases and pest infestation, exclusively on rice and corn crops.
- The premium shall be determined by the PCIC. It shall be fully subsidized by the National Government and withdrawn from the funds of the DA.
The Bill provides for a form of direct assistance that is free-of-charge exclusively to small rice and corn farmers, through immediate financial infusion on insured crops.