Manila, July 17 -- The Department of Agriculture (DA)-Philippine Crop Insurance Corporation (PCIC) on Thursday said it is set to launch a parametric insurance program that seeks to innovate and expedite insurance claims among rice farmers.

In a statement, Agriculture Secretary Francisco Tiu Laurel Jr. said the innovative system would help "reduce losses and accelerate recovery" among local farmers during extreme weather disturbances.

"Timely release of insurance claims keeps farmers engaged in production. It provides not just financial support, but a real lifeline during times of distress. This is in line with the vision of President Ferdinand R. Marcos Jr. of a food-secure nation and a resilient, modernized farming sector," he said.

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