The Bureau of Fisheries and Aquatic Resources (BFAR) will launch a pilot study that would grant insurance coverage to fishers affected by calamities.
During a media forum in Quezon City on Thursday, BFAR spokesperson Nazario Briguera said a weather index-based parametric insurance will soon be launched as an additional aid for affected fishers.
Designed by BFAR and the Philippine Crop Insurance Corporation, together with Rare Philippines and WTW (formerly Willis Towers Watson), the scheme aims to provide a financial buffer to municipal fishers during periods of income loss due to calamities caused by bad weather.
“Meron na tayong isinulong na parametric insurance, isa itong uri ng insurance na nakabase doon sa kaganapan ng masamang panahon na sa panahon na may bagyo or masama ang lagay ng dagat, may matatanggap na livelihood or amount ng insurance ang ating mga mangingisda (We have advanced parametric insurance, this is a type of insurance based on bad weather in the event of a typhoon or bad sea conditions, our fishermen will receive a livelihood or insurance amount),” Briguera said.
An initial PHP10 million fund has been allocated under BFAR’s 2024 budget to jumpstart the study.
Five provinces – Occidental Mindoro, Antique, Cebu, Negros Oriental and Surigao del Norte – have been strategically selected as pilot sites for the project due to their high concentration of barangays actively participating in the Rare Fish Forever program or RARE.
“These areas are not only characterized by vulnerability and high poverty rates but also benefit from Rare’s established presence, which is instrumental for the effective implementation of various project activities on the ground,” BFAR said.
“An estimated 20,000 municipal capture fishers across the five sites will be targeted as fisherfolk beneficiaries for inclusion in the pilot program,” it added.
RARE is an international non-government organization that works to address environmental challenges using behaviorally informed solutions. It is now working in eight countries, including the Philippines, while WTW is a leading global advisory, broking, and risk solutions company. (PNA)