The partnership between PCIC, which is an enterprise under the supervision of the Department of Agriculture (DA), and GCash was formalised through a memorandum of agreement signed by the two organisations. The collaboration plans to focus on optimising the payout system and fast-tracking indemnity payments to insured farmers operating across the Philippines. Additionally, the move falls in line with the government's financial inclusion agenda, aiming to offer farmers access to financial tools and services, even in remote regions. Representatives from the DA underlined that the initiative focuses on uplifting agricultural communities and ensuring resilience, inclusivity, and innovation for farmers nationwide.
The partnership forged between PCIC and GCash centres on mitigating delays and addressing inefficiencies associated with issuing physical checks by depositing payments directly into farmer-beneficiaries' GCash accounts leveraging the company’s Fund Disbursement Service (FDS), which is a self-service disbursement tool that enables the release of funds to account in real time. Also, insured farmers are set to benefit from GCash’s digital ecosystem, enabling them to save, invest, and access microfinancing services for financial growth and resilience. Commenting on the announcement, representatives from PCIC mentioned that the initiative aligns with the government's objective of financial inclusivity and assists the organisation in advancing digitalisation and process efficiency.
Furthermore, PCIC highlighted its commitment to supporting the agricultural sector through optimised solutions that fit the needs, demands, and preferences of farmers. By teaming up, PCIC and GCash are set to work on providing a more robust and financially inclusive future for farmers and fisherfolk in the Philippines. At the same time, PCIC plans to implement the agency of the government's agricultural insurance programme, which mandates the provision of insurance protection to farmers against losses that come from natural calamities, plant diseases, and pest infestations of their crops. PCIC also safeguards insured farmers from damage to or loss of noncrop agricultural assets, including farm machines, equipment, transport facilities, and other related infrastructure.
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