Former Agriculture Secretary and now 3rd District Representative of Bohol Arthur Yap has called for the implementation of Index Risk Insurance for the agriculture sector. During a panel interview at the EU - Philippines Business Network (EPBN) of the European Chamber of Commerce of the Philippines, Yap said an insurance crop cover is what the Filipino farmers need the most. This is important, he said, because the Philippines is one of the most vulnerable countries to climate change. An Index based insurance can be provided by the EU businessmen who would like to invest in the Philippines because the government cannot do it alone. In the past five years, he said, damage to agriculture production were estimated to cost P190 billion. But only P3 billion were covered by the government’s crop insurance program.
Source: Manila Bulletin Sunday