Year: 2024
Type: article
Abstract: Production loss has served as an inducement to secure financial protection for farmed seaweeds. Government subsidies were guaranteed by the Philippine Crop Insurance Corporation (PCIC) to hedge seaweed crops under the Fisheries Insurance Program beginning in 2014. This study examines the status of the hedging program in Sorsogon, the Philippines, and the challenges insured farmers face when putting it to use. A desk-based assessment was undertaken using 2016–2022 data from PCIC. We found a substantial increase annually in the number of claims, with farmers from Sorsogon City being the dominant claimants. All reported farm sizes fell within the narrow range (i.e. not to exceed 0.10 ha), thus avoiding paying premium shares but limiting the maximum coverage and protection they may have had. Combining the meteorological data, typhoons emerged as the primary cause of damage to insurance. While seaweed farmers in Sorsogon employ a pragmatic approach to early harvesting due to “ice- ice” disease, the potential risks and associated costs of diseased crops for policy considerations are undervalued. Challenges faced in providing timely support to farmers in the aftermath of production losses undermine the intended assistance. The PCIC, however, continues to express approaches to enhance disaster response and build stronger insurance policy programs. This study emphasizes the need for adaptive and data-based approaches to address the evolving challenges and opportunities in seaweed hedging programs in the Philippines.
DOI: 10.56899/153.05.01
Authors: Richard Dumilag, Franklin Calaminos, Mark Ariel Malto, Ada Escopete, Maria Luisa Mirasol, Aireen Malto, Stefani Reign Tagal, Ida Capacio
Language: English
Subfield: Soil Science
Domain: Life Sciences
SDG: Zero hunger
Open Access status: bronze
OpenAlex ID: W7083686877