WB pushes new agri insurance products

The Philippines needs to come up with new and better agricultural insurance products to help farmers cope with natural disasters, according to the World Bank.

- LOUELLA DESIDERIO

World Bank financial sector specialists Tatiana Skalon, John Luke Plevin and Radu Tatucu pushed the recommended reforms in agricultural insurance in the multilateral lender's blog.

"Better products will protect farmers and help them recover after climate disasters," the specialists said.

The Philippines experiences an average of 20 typhoons per year, with eight to nine of these making landfall.

When disasters hit the country, the experts said the agriculture sector suffers the most significant losses.

While farmers would need finance to get back on their feet following disasters, the specialists said less than three out of 10 farmers in the country have access to savings accounts or formal credit.