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February 4, 2025 | 12:00am
Oscar Enrico Reyes Jr. and Jovy Bernabe
STAR / File
MANILA, Philippines — E-wallet giant GCash and the Philippine Crop Insurance Corp. have teamed up for a faster and more efficient rollout of indemnity payments to insure farmers nationwide.
PCIC president Jovy Bernabe signed a memorandum of agreement with G-Xchange Inc. president and CEO Oscar Enrico Reyes Jr. for the streamlining of the indemnification payout system, empowering farmers and advancing financial inclusion in rural areas.
PCIC is an attached corporation of the Department of Agriculture.
“Your commitment to this partnership demonstrates our shared goal of empowering the agricultural sector through innovation. Together, we are paving the way for a more resilient and financially inclusive future for our farmers and fisherfolk,” Bernabe said.
Under the MOA, GCash’s Funds Disbursement Service (FDS) would be introduced to the PCIC system, enabling indemnity payments to be deposited directly into farmers’ GCash wallet accounts in real-time. This, the PCIC pointed out, would eliminate delays and inefficiencies associated with issuing physical checks for indemnification.
“This innovation not only aligns with the government’s goal of financial inclusivity but also supports PCIC’s push for digitalization and process efficiency,” Bernabe said.
The PCIC said the partnership would allow farmers to be empowered, encouraging them to save, invest and access microfinancing tools for resilience and financial growth within the GCash ecosystem.
“It envisions to uplift agricultural communities and ensure resilience, inclusivity and innovation for farmers nationwide,” the PCIC added.
