MANILA, Philippines — Sen. Francis Pangilinan is pushing for stronger and more comprehensive agricultural insurance protection for farmers and fisherfolk through a measure seeking to expand insurance coverage and ensure the continued operation of the Philippine Crop Insurance Corporation (PCIC).
Pangilinan filed Senate Bill 2583 on Oct. 29, proposing to strengthen the PCIC by extending its corporate term and its insurance services through further amendments to Presidential Decree No. 1467.
The measure seeks to bolster the agricultural sector’s resilience against climate-related risks, particularly with the looming threat of a strong El Niño that could trigger severe drought, disrupt agricultural production, and jeopardize the livelihoods of farmers and fisherfolk, as well as the country’s food security.
“Agricultural insurance protects farmers and fisherfolk against losses, supports continued production, and facilitates access to financing. Strengthening and modernizing the Philippine Crop Insurance Corporation (PCIC) is therefore essential to making insurance protection more accessible, responsive, and sustainable,” Pangilinan said in the bill’s explanatory note.
Citing Philippine Statistics Authority data, he noted that poverty incidence among farmers and fisherfolk reached 27 percent and 27.4 percent, respectively, in 2023, highlighting the need for stronger government support for these vulnerable sectors.
He said that agricultural insurance serves as a critical safety net, helping farmers and fisherfolk recover from losses caused by natural calamities, climate-related disruptions, and other agricultural risks. It also helps sustain food production and improves their access to credit.
Under the measure, the PCIC’s insurance coverage would be expanded to cover a broader range of agricultural commodities and assets, including palay, corn, high-value crops, livestock, aquaculture and fishery products, agroforestry crops, and forest plantations.
Coverage would also extend to agricultural machinery, equipment, transport facilities, and infrastructure.
The bill likewise seeks to strengthen the PCIC’s authority to provide life and accident term insurance coverage for farmers and fisherfolk.
