SEADRIF, together with Food and Agriculture Organization of the United Nations (FAO) and the Philippine Government, held a consultation workshop for the Regional Agricultural Risk Finance Facility (ARFF) in Manila on August 7. This consultation was part of a broader regional effort involving six ASEAN countries to explore the establishment of an agricultural risk finance facility aimed at addressing challenges in the region’s agriculture sector. (https://lnkd.in/d4ZwN3a3)
Agencies integral to the agriculture and climate sectors in the Philippine government—including the Department of Finance, Department of Agriculture, Climate Change Commission, Insurance Commission, and the Philippine Crop Insurance Corporation—participated alongside private sector representatives from the Philippine Insurers and Reinsurers Association (PIRA) and the Rural Bankers Association of the Philippines. Benedikt Signer, Executive Director, and Shannen Nicole Chua, Implementation and Program Development Specialist at SEADRIF Insurance Company, contributed to the workshop.
Stakeholders made significant progress in identifying priorities, focusing on capacity building, insurance affordability, and the development of products better suited to farmers’ needs. The consultation underscored that high insurance costs and limited access to subsidies remain major barriers, while also emphasizing the need for products that deliver broader coverage, streamlined claims, and less resource-intensive administration. Participants stressed that capacity building across government, insurers, and farmers is essential to strengthening the system. Government representatives noted that the ongoing review of the agriculture insurance sandbox aims to create a more enabling regulatory environment.
Stakeholders favored the establishment of a regional reinsurance pool, with the potential to evolve into a mutualized facility over the medium to long term.
Momentum is now building across other ASEAN countries as consultations continue to shape the ARFF and ensure the facility reflects the diverse needs and priorities of the region.
SEADRIF is encouraged by the success of these vital consultations, which provide critical guidance on the design of the ARFF. These consultations will inform the preparation of a multi-country concept note for the Green Climate Fund, laying the foundation for a regional mechanism to strengthen resilience, improve affordability, and protect the livelihoods of millions of Southeast Asian farmers.
