Just recently, CLIMBS Weather Protect Insurance (WPI) team conducted a survey on the willingness to pay (WTP) of farmers for the new drought product under the Weather Protect Insurance (WPI) in Bukidnon province. The team held a face-to-face survey using a tablet-based questionnaire, wherein (2) farmer members from Sta. Monica Bukidnon Multipurpose Cooperative, (4) farmer-members from Maramag Community Development Cooperative (MACO) Valencia City, and (3) farmer-members from Kauyagan Savers Multi-Purpose Cooperative, Impasug-ong, Bukidnon served as respondents last December 12–13, 2023.
With the support of the Insuresilience Solutions Fund (ISF), the team was led by the WPI Project Manager, Mr. Rueland Mark Marapao, along with WPI team members, Mr. Miguel Toledo and Ms. Juliette Virgula, and the CIAT Staff, Ms. Lea May Aguila, Ms. Marilou Coronel, and Mr. Edel Kin Galas.
A willingness-to-pay survey can assist CLIMBS, Alliance Biodiversity, and the CIAT team in collecting information and understanding the current circumstances of farmer members, their opinions on a drought insurance product, their interest in paying for the insurance scheme, and other factors influencing their decision to participate. The team also aims to target a total of 600 farmers nationwide in order to assess and evaluate the products’ implications to farmer-members living in different provinces, their financial capabilities in paying insurance, and ensuring that the new drought policy is accessible, affordable, and tailor-fitted to their needs.
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