LANDBANK, PCIC start digitalized crop insurance claims distribution

URDANETA CITY, Pangasinan – Leveraging on digital solutions to facilitate the fast and efficient delivery of government assistance, the Land Bank of the Philippines (LANDBANK) and the Philippine Crop Insurance Corporation (PCIC) piloted the disbursement of crop insurance claims via LANDBANK Prepaid Cards to farmers whose crops were affected by calamities and disasters.

The first batch of seven farmer-beneficiaries from Region 1 received a combined P46,400 worth of initial indemnity claims credited through their LANDBANK Prepaid Cards, with five of them present during the ceremonial distribution activity on 30 January 2023.

“Through our partnership with PCIC, we aim to enhance the delivery of insurance claims and make our banking services more accessible to farmers. This forms part of LANDBANK’s digital thrust of promoting financial inclusion to make banking more convenient for every Filipino,” said LANDBANK President and CEO Cecilia Cayosa Borromeo.

LANDBANK Senior Vice President Ma. Belma T. Turla and PCIC Acting Senior Vice President Segundo H. Guerrero, Jr. led the distribution activity at the LANDBANK Pangasinan Corporate Center, together with PCIC Regional Manager Raul A. Servito and LANDBANK Urdaneta Branch Head Marlene M. Mendoza.

As of 27 January 2023, PCIC has requested LANDBANK to produce a total of 52,236 Prepaid Cards for its farmer-beneficiaries.

Of this number, LANDBANK has released 34,847 Prepaid Cards to PCIC, who will facilitate the card distribution to its farmer-beneficiaries. The farmer-recipients will be able to conveniently receive their indemnity claims in succeeding disbursements schedules.

The Bank is also ramping-up the card production for 17,389 farmer-beneficiaries nationwide as endorsed by PCIC.

Under a Memorandum of Agreement (MOA) signed in April 2022, LANDBANK targets to provide Prepaid Cards and facilitate the timely crediting of insurance proceeds to around 1.8 million PCIC beneficiaries.

Through the LANDBANK Prepaid Cards, farmers can conveniently withdraw cash from 2,997 LANDBANK ATMs in the country. They can likewise perform cash withdrawals free-of-charge from 2,323 ATMs at selected 7-Eleven convenience stores.

The LANDBANK Prepaid Cards can also be used to make cashless purchases via Point-of-Sale (POS) terminals in participating stores, such as drugstores and groceries, as well as transact with the Bank’s 1,056 Agent Banking Partners (ABPs) nationwide.