March 13, 2024

Farmers in Philippines affected by El Niño to get credit, insurance assistance from government

The Philippine government will provide credit and insurance assistance to farmers and fishers affected by the El Niño phenomenon, said the country's Department of Agriculture (DA) early this month.

DA spokesperson Assistant Secretary Arnel De Mesa said at least ₱500 million (US$9 million) credit assistance will be provided to farmers and fishers for them to cope with the dry spell caused by the phenomenon.

About ₱1.8 billion (US$32 million) in insurance claims will also be distributed to the affected farmers and fishers, de Mesa added.

At least ₱25,000 (US$448.05) credit assistance will be given to each affected farmer and fisher and a maximum of ₱20,000 (US$358.42) insurance claims may be granted as well.

De Mesa said the DA is also preparing the distribution of ₱5,000 (US$89.61) financial assistance to rice farmers and ₱3,000 (US$53.77) fuel subsidy to both farmers and fishers provided under the national budget.

As of February 25, damage to agriculture was estimated at ₱357.4 million (US$6.4 million), hitting mostly farms in the Mimaropa, Western Visayas and Zamboanga Peninsula Regions.

The phenomenon has affected 7,668 farmers so far.

- PNA