The World Bank has been backing a five-year initiative of 70 million U.S. dollars to create a co-insurance pool that will cushion Philippine agriculture from escalating climate-related risks, the Philippines' Department of Agriculture said Monday.

Set to roll out in 2026, the project aims to benefit 750,000 farmers and fisherfolk by the time it wraps up in 2030, the department said in a press release.

Under the impending loan arrangement, the Philippines' Department of Finance will serve as the borrower, while the Department of Agriculture will implement the project. The program will utilize the co-insurance pool, where both public and private insurers share the risk of climate-triggered disasters such as droughts and floods.