Aside from subsidizing fertilizers and seeds, the government should consider subsidizing insurance of farmers’ crops and livestock projects. Not only the value of damage but also the projected profit of the farmer should be insured.
This is the view of former Agriculture Secretary Senen Bacani whom we met during a gathering hosted by Environmentalist Antonio Oposa and officials of the Ramon Magsaysay Award Foundation led by president Carmencita Abella at the Manila Polo Club in Makati on August 31, 2019.
Bacani oberves that farming is very risky due to typhoons, floods, drought, pest and disease outbreaks not to mention effects of certain political decisions. If a farmer’s rice crop, for instance, is totally damaged by prolonged drought, the likelihood is that his family would go hungry. May be he will have a hard time getting a loan so he could continue farming.
The idea about the government subsidizing crop and livestock insurance for farmers is great if you ask us.