A Philippine bill promoting the growth of agricultural insurance has passed its third and final reading in Congress.
Under the bill, the private insurance sector is encouraged to participate and invest in crop insurance, including cooperatives and farmers’ organizations. The bill passed with 268 votes, with zero against and no abstentions.
The bill, called House Bill no. 7387, seeks to expand the Philippine Crop Insurance Corp. services to also include livestock, fisheries and aquaculture, agroforestry projects, and forest plantations. It will also expand to non-crop agricultural assets such as farm machinery, equipment, transport facilities, and infrastructure.
Bill 7387 was passed without opposition along with two others – one for reinvestment of real estate investment trusts, and another for establishing a financing program for micro and small enterprises.
The rejuvenation for the country’s crop insurance schemes is in stark contrast with its natural catastrophe counterpart. A local insurance boss opined that the delaying of a circular may have resulted in the Philippines becoming the most vulnerable nation to extreme weather events due to the resulting poor insurance coverage.
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