Under the Memorandum of Agreement (MOA), DA-BFAR and Rare Inc. will work together on the pilot run of the insurance program in five pilot sites, namely: Antique, Cebu, Negros Occidental, Occidental Mindoro, and Surigao del Norte.
This insurance product aims to address the financial vulnerability of small-scale fishers resulting from an accumulation of lost fishing opportunities caused by periods of bad weather and overfishing which is closely linked to low income and high incidence of poverty among small-scale fisher households.
Signing the MOA were BFAR National Director Atty. Demosthenes Escoto and Rare Fish Forever Managing Director Ms. Raquel Sanchez-Tirona. The signing was witnessed by BFAR Chief of Administrative Division Ms. Mildred Buazon and Rare Director of Government Engagement and Policy Mr. Dennis Calvan.
The agreement marks a significant milestone in promoting resilience and sustainability in coastal communities and ensuring the financial security of the fisherfolk in the country.