Farmers, Microfinanciers Insured vs Crop Damage
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Farmers will better hedge against crop damage by pests or natural disasters under the Binhi Crop Insurance Program launched by non-life insurer, CARD Pioneer Microinsurance Inc, Manila Standard has reported. The International Finance Corp. and the insurer conceived the program to help farmers and micro finance institutions maintain crop insurance. Since the risks of the farmers are better protected, financial institutions can more confidently lend to them. Initially, the crop insurance will be offered to members of CARD Mutually Reinforcing Institutions, and then it will reach out to as many as 200,000 farmers by end of 2018. After its pilot run, the program will be made available to other farmers and partners across the country, the article added. Online website "Food Evolution" also reported.
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