The Philippines topped the World Risk Report with a 46.82 world risk index as a country prone to natural calamities due to climate change. The Department of Science and Technology reports that an average of 20 storms and typhoons enter the Philippine Area of Responsibility each year, with about 8 or 9 of them crossing the Philippines, causing loss of lives and destruction to property and livelihoods.
Since the pilot program launched in August 2023, 929 farmers have availed of the insurance program, with a cover start date beginning September 1, 2023. No farmers have yet redeemed replacement seeds since the launch as there were no triggering adverse weather events in the areas covered by the program, which include farming communities in Nueva Ecija, Pangasinan, Benguet, Nueva Vizcaya, Iloilo, Bulacan, Tarlac, Pampanga, Misamis Oriental, and Bukidnon.
The project’s stakeholders are likewise supportive of this landmark initiative to protect the country’s farmers from the adverse effects of climate change. Melinda Grace Labao, Officer-in-Charge for Microinsurance at CPMI says, “At CPMI, we are excited to have introduced this innovative micro weather index insurance product in the Philippines.