THE Philippine Crop Insurance Corp. (PCIC) wants a P7.5 billion budget in 2027, its president Jovy Bernabe told reporters on Monday as government agencies started preparing their respective allocation requests for next year.
The PCIC, an agency attached to the Department of Agriculture (DA), provides insurance protection to farmers and fisherfolk against losses from natural calamities, pests and diseases. Created on June 11, 1978 by Presidential Decree 1467, it also secures loans and investments for rice, corn, livestock, fisheries and non-crop assets.
“Our proposal is to increase [our budget] by P1 billion — from P6.5 to P7.5 billion,” Bernabe said, explaining that the additional amount would enable wider insurance coverage for 500,000 more farmers and fisherfolk across all sectors.
Insurance coverage from the PCIC budget is divided into 60 percent for rice farmers, 20 percent for corn farmers, 10 percent for cultivators of high-value crops, and the remaining 10 percent for other farmers and fisherfolk.
The agency’s P6.5 billion budget this year is P2 billion more than its P4.5 billion allocation from 2022 to 2025.
“We thank Congress and the Palace for their trust and confidence in the PCIC,” Bernabe said. “They know that [we’re] performing a very important mandate for farmers and fisherfolk.”
There is strong support in the House of Representatives and the Senate for extending PCIC’s charter, which expires in 2028, Bernabe said, noting that there have been two bills filed in both chambers for the charter renewal.
“We’re hopeful it will be extended,” Bernabe said, adding that they are pushing for the charter to be continued in perpetuity.
Other proposals include the strengthening and digitalization of PCIC’s operations and a mandate for partnerships with private insurance companies to encourage them to venture into agriculture, Bernabe said.
