[RESEARCH NOTE]
Philippine Journal of Science
153 (5): 1497-1505, October 2024
ISSN 0031 – 7683
Date Received: 21 Feb 2024
Seaweed Crop Insurance in Sorsogon, the Philippines
Richard V. Dumilag1, Franklin P. Calaminos2, Mark Ariel D. Malto3, Ada J. Escopete4, Maria Luisa P. Mirasol4, Aireen D. Malto1, Stefani Reign B. Tagal1, and Ida T. Capacio5
1Graduate School, Sorsogon State University Sorsogon City Campus, Magsaysay St., Salog (Poblacion), Sorsogon City 4700 the Philippines 2Education and Entrepreneurship Department, Sorsogon State University Magallanes Campus, Aguada Norte, Magallanes, Sorsogon 4705 the Philippines 3Fisheries Department, Sorsogon State University Magallanes Campus, Aguada Norte, Magallanes, Sorsogon 4705 the Philippines 4Entrepreneurship Department, College of Business and Management, Sorsogon State University Sorsogon City Campus,Magsaysay St., Salog (Poblacion), Sorsogon City 4700 the Philippines 5National Seaweed Technology Development Center, National Highway, Cabid-an, Sorsogon City 4700 the Philippines
*Corresponding author: richard.dumilag@sorsu.edu.ph
Dumilag R et al. 2024. Seaweed Crop Insurance in Sorsogon, the Philippines [Research Note]. Philipp J Sci 153(5): 1497–1505.
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 “iceice” 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.