October 17, 2016 - CARD Pioneer Microinsurance Inc (CPMI), a leader in non-life microinsurance, unveils today Binhi Crop Insurance Program.
The product was developed by CPMI and the International Finance Corporation (IFC) to help both farmers and Micro Finance Institutions (MFIs). With the protection of crop insurance, farmers are better able to weather the adverse effects brought about by calamities. The risks of the farmers are better protected, thus giving the financial institutions a better incentive to lend to these farmers.
Geric Laude, CEO/President of CPMI says, “The good news is that farmers are spared from worries because now they can get much needed relief and are able to pay back their loan in case their crops get damaged by typhoons or flood. We are also excited to add value to the crop insurance sector by implementing our standard of fast and efficient claims settlement.”
The crop insurance will initially be offered to members of CARD Mutually Reinforcing Institutions (CARD MRI). It aims to reach out to as many as 200,000 farmers by end of 2018. After its pilot run, Binhi Crop Insurance Program will be made available to other farmers and partners across the country.
A joint venture between CARD MRI and Pioneer, CPMI intends to develop and deploy relevant and affordable non-life microinsurance products. IFC, a member of the World Bank Group is the largest global development institution that collaborates with the private sector in developing countries to create opportunities for all.
Laude adds, “The launch of Binhi Crop Insurance Program is consistent with our company’s mission to lend support to the country’s marginalized sector. In effect, by supporting their livelihood, we help farmers improve the quality of their lives.”
As a symbol of solidarity, Commissioner Emmanuel Dooc from the Insurance Commission, Dr. Jaime Aristotle Alip from CARD MRI, Ms. Yuan Xu from IFC, and Mr. Lorenzo Chan, Jr. from Pioneer were present during the press launch. Meanwhile, to represent farmers, Mr. Raymundo Escalera, received the policy in the Ceremonial Awarding of the product.
“Maraming, maraming salamat po. Malaking tulong po ito sa amin,” (Thank you very much. This will greatly help us.) said the farmer representative.