PCIC seeks additional P1-B budget to expand insurance coverage for farmers
MANILA – The Philippine Crop Insurance Corporation (PCIC) is proposing an additional PHP1 billion budget to expand insurance coverage for more Filipino farmers across the country.
PCIC President Jovy Bernabe said the proposal is currently part of the ongoing government budget preparation process. If approved, the agency’s total budget would increase to around PHP7.5 billion.
Bernabe explained that the additional funding could help insure about 500,000 more farmers from various agricultural sectors, including rice, corn, and high-value crops.
Under the planned allocation, about 60 percent of the fund will be directed to rice farmers, while 20 percent will support corn producers. The remaining portion will benefit growers of high-value crops.
The PCIC earlier secured around PHP6.5 billion under the 2026 General Appropriations Act (GAA), which is 45 percent higher than the PHP4.5 billion budget allocated to the agency in 2025.
Currently, the PCIC provides insurance coverage to about 2.93 million farmers and fishers nationwide. The agency has also increased the indemnity benefit for total crop loss to PHP25,000 per hectare, a 25 percent increase from the previous PHP20,000 per hectare provided in 2025.
Meanwhile, the state-run corporation is optimistic that its charter will be extended, with a proposal seeking a “perpetual” extension. The measure also aims to strengthen and digitalize the agency’s operations and encourage partnerships with private insurance companies to improve agricultural insurance services in the country.
NPO News Team | Philippine News Agency - PR
