PCIC SAYS IT IS READY TO COMPENSATE FILIPINO FARMERS

State-operated Philippine Crop Insurance Corp (PCIC) has said that it is ready to respond to claims made by farmers in Luzon, whose rice and corn crops suffered damage by the recent typhoons and monsoon. PCIC, the only agricultural insurer in the Philippines, said that it had set aside PHP110m ($2.47m) for affected farmers. PCIC estimated that nearly 26,000 hectares, tilled by more than 20,000 farmers, had suffered damage as a result of the monsoon. The PCIC said that payments of claims would be released in 20 days or less. Rice was by far the most affected crop, with the cost of crop loss estimated at PHP109m. Corn-related loss was less and PHP1m.