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Farm operations, especially the raising of food crops, have been exposed to many risks or uncertainties. In most cases, such hazards in farming cannot be avoided. Floods and typhoons can destroy growing crops, and the farmers are helpless. This simply means economic loas for them. More often than not, the money that they used in planting expenses has been borrowed from the rural banks, PNB, Land Bank, or from unlicensed moneylenders. To pay off their loans under the circumstances is extremely difficult. This is one of the principal causes of the failure of most small farmers to settle their financial obliga- tions in government banks. To minimize the losses of the poor farmers and at the same tirne protect the interest of the lending financial institutions, the concept of crop insurance was transformed into reality on May 1, 1981. At present, the Philippine Crop Insurance Corpo- ration covers rice, corn, tobacco, and banana crops, together with the livestock and fisheries sectors. As of 1994, there were 132,249 palay farmers and 23,846 corn farmers insured. An- other kind of insurance for the farmers is the Cooperative In- surance System of the Philippines which was organized in 1974. Its main objectives are to provide low-cost insurance to mem- bers of cooperatives and to build a strong capital base for coop- eratives. This chapter provides general information on the types of insurance available to the farmers, and fishermen and the benefits of insurance and the crop insurance in the United States, Japan, Brazil and the Philippines, together with the cooperative insurance.

Farm operations, especially the raising of food crops, have been exposed to many risks or uncertainties. In most cases, such hazards in farming cannot be avoided. Floods and typhoons can destroy growing crops, and the farmers are helpless. This simply means economic loas for them. More often than not, the money that they used in planting expenses has been borrowed from the rural banks, PNB, Land Bank, or from unlicensed moneylenders. To pay off their loans under the circumstances is extremely difficult. This is one of the principal causes of the failure of most small farmers to settle their financial obliga- tions in government banks. To minimize the losses of the poor farmers and at the same tirne protect the interest of the lending financial institutions, the concept of crop insurance was transformed into reality on May 1, 1981. At present, the Philippine Crop Insurance Corpo- ration covers rice, corn, tobacco, and banana crops, together with the livestock and fisheries sectors. As of 1994, there were 132,249 palay farmers and 23,846 corn farmers insured. An- other kind of insurance for the farmers is the Cooperative In- surance System of the Philippines which was organized in 1974. Its main objectives are to provide low-cost insurance to mem- bers of cooperatives and to build a strong capital base for coop- eratives. This chapter provides general information on the types of insurance available to the farmers, and fishermen and the benefits of insurance and the crop insurance in the United States, Japan, Brazil and the Philippines, together with the cooperative insurance.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter20: Economic Growth
Section: Chapter Questions
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Chapter 7 AGRICULTURAL INSURANCE Farm operations, especially the raising of food crops, have been exposed to many risks or uncertainties. In most cases, such hazards in farming cannot be avoided. Floods and typhoons can destroy growing crops, and the farmers are helpless. This simply means economic lo8s for them. More often than not, the money that they used in planting expenses has been borrowed from the rural banks, PNB, Land Bank, or from unlicensed moneylenders. To pay off their loans under the circumstances is extremely difficult. This is one of the principal causes of the failure of most small farmers to settle their financial obliga- tions in government banks. To minimize the losses of the poor farmers and at the same tirne protect the interest of the lending financial institutions, the concept of crop inaurance was transformed into reality on May 1, 1981. At present, the Philippine Crop Insurance Corpo- ration covers rice, corn, tobacco, and banana crops, together with the livestock and fisheries sectors. As of 1994, there were 132,249 palay farmers and 23,846 corn farmers insured. An- other kind of insurance for the farmers is the Cooperative In- surance System of the Philippines which was organized in 1974. Its main objectives are to provide low-cost insurance to mem- bers of cooperatives and to build a strong capital base for coop- eratives. This chapter provides general information on the types of insurance available to the farmers, and fishermen and the benefits of insurance and the crop insurance in the United States, Japan, Brazil and the Philippines, together with the cooperative insurance. 90
Transcribed Image Text:Chapter 7 AGRICULTURAL INSURANCE Farm operations, especially the raising of food crops, have been exposed to many risks or uncertainties. In most cases, such hazards in farming cannot be avoided. Floods and typhoons can destroy growing crops, and the farmers are helpless. This simply means economic lo8s for them. More often than not, the money that they used in planting expenses has been borrowed from the rural banks, PNB, Land Bank, or from unlicensed moneylenders. To pay off their loans under the circumstances is extremely difficult. This is one of the principal causes of the failure of most small farmers to settle their financial obliga- tions in government banks. To minimize the losses of the poor farmers and at the same tirne protect the interest of the lending financial institutions, the concept of crop inaurance was transformed into reality on May 1, 1981. At present, the Philippine Crop Insurance Corpo- ration covers rice, corn, tobacco, and banana crops, together with the livestock and fisheries sectors. As of 1994, there were 132,249 palay farmers and 23,846 corn farmers insured. An- other kind of insurance for the farmers is the Cooperative In- surance System of the Philippines which was organized in 1974. Its main objectives are to provide low-cost insurance to mem- bers of cooperatives and to build a strong capital base for coop- eratives. This chapter provides general information on the types of insurance available to the farmers, and fishermen and the benefits of insurance and the crop insurance in the United States, Japan, Brazil and the Philippines, together with the cooperative insurance. 90
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