The Agricultural Credit Policy Council (DA-ACPC) hosted its Policy Forum on May 23, 2023 at the PICC, Pasay City, with two sessions focusing on Agri-Insurance and Savings Generation for Credit Risk Mitigation in rural finance.
In attendance were representatives from government agencies, including the Department of Agriculture (DA) Head Office, Regional Offices and attached agencies, National Economic Development Authority (NEDA), Bureau of the Treasury and Bangko Sentral ng Pilipinas (BSP), government banks including the Land Bank of the Philippines (LANDBANK), Development Bank of the Philippines (DBP), rural and cooperative banks that serve as ACPC partner lending conduits (PLCs), and other ACPC partners, LGUs, and stakeholders, such as the Rural Bankers Association of the Philippines (RBAP), Agronomika Finance Corporation, Asian Disaster Preparedness Center, Kennemer Foods International, and Microfinance Council of the Philippines, Inc.
Executive Director Jocelyn Alma R. Badiola stated during her Welcome Remarks, “We chose to focus our discussion today on agri insurance and savings generation which can reduce the risks associated with lending to the agri and fishery sector and thus, encourage more banks and other financial institutions to lend more to the sector. Agri insurance and savings are key to the farmers’ financial stability, enabling them to continue production despite severe weather and other challenges that impact their business or project.”
“This policy forum is very significant as it serves as a venue for the private and public sector to engage on how to manage credit risks through agricultural insurance and savings. Through this forum, we will be able to foster partnerships between financial institutions, government agencies, and other stakeholders to know and discuss innovative and inclusive financing solutions,” said DA Senior Undersecretary Domingo F. Panganiban during his keynote message, delivered by Assistant Secretary Noel A. Padre.
During the first session on Agricultural Insurance, Ms. Melba Manalo, Assistant Vice President from the Philippine Crop Insurance Corporation (PCIC), Ms. Rosita Abanto, Microinsurance Sales Head from CARD Pioneer Microinsurance, Inc. (CPMI), and Mr. Noel Raboy, President and CEO from CLIMBS Life and General Insurance Cooperative presented on available crop insurance and microinsurance products and innovations for farmers and fishers. As discussant, Mr. Geric Laude, Chair of the Philippine Insurers and Reinsurers Association Committee on Agri-Insurance provided his comments and reactions to the presentations.
During the second session focusing on Savings, Ms. Jeniessa Espinosa, Bank Officer from the Bangko Sentral ng Pilipinas (BSP), Mr. Brian Yap, President and CEO of the Cebu Peoples Multipurpose Cooperative (CPMPC), and Atty. Mary Ann Tupasi-Saddul, Chairperson of the Rural Bank of Solano (NV), Inc. presented on financial literacy, focusing on savings generation through rural and cooperative banks. As discussant, Mr. Vince Rapisura shared his insights on the presentations and recommendations on savings products for farmers.
For her Closing Remarks, ACPC Deputy Exec. Dir. Cristina Lopez encouraged participants to make the most of their takeaways. “Let us remain committed to our collective mission of ensuring the prosperity and well-being of our farmers and fishers, the backbone of our nation’s food security.”
The ACPC conducts regular policy and advocacy activities to promote and facilitate discourse on rural and agri finance among the private and public sector.
To learn more about the ACPC and its policy research activities, visit https://acpc.gov.ph/