MANILA, Philippines — “Continuing PCIC’s corporate existence is essential to help the agro-fisheries sector recover quickly from calamities, diseases and climate change events – thus ensuring food security for all Filipinos.” The charter of state-run Philippine Crop Insurance Corp. (PCIC) must be extended to ensure that small-scale farmers and fishermen have protection amid persisting production challenges worsened by climate crisis, two industry groups said.
The Federation of Free Farmers (FFF) and the Magsasaka party-list said extending the PCIC charter is crucial as the state insurer plays a vital role in protecting millions of farmers and fisherfolk nationwide through crop and non-crop insurance coverages.
“Continuing PCIC’s corporate existence is essential to help the agro-fisheries sector recover quickly from calamities, diseases and climate change events – thus ensuring food security for all Filipinos,” the groups said.
PCIC president and CEO Jovy Bernabe earlier disclosed they are hoping that a bill that will extend the state insurer’s charter for another 25 years will be passed in the next Congress. He said they would start advocating among lawmakers for the extension of PCIC’s charter after the midterm elections.
PCIC was created by Presidential Decree 1467 that stipulated the state insurer’s corporate life will be for 50 years. It means that the PCIC’s life would end by 2028.
Bernabe pointed out that it is critical to extend PCIC’s corporate life as it provides free insurance coverage to various farmers and fishermen nationwide.
Amending the powers of the PCIC is not a priority since the powers of its board is already sufficient and broad enough to undertake and oversee any changes to the state insurer’s roles and responsibilities, Bernabe added.
“The changes in the PCIC’s role and responsibilities that we want to implement can be implemented without amending the charter,” he said.
“The power of the board under the charter is really very broad and extensive that the board can do everything,” he added.
Bernabe earlier disclosed that PCIC is seeking an additional P1 billion budget next year to insure 600,000 more farmers and fisherfolk nationwide.
He said PCIC is proposing a P5.5-billion budget next year compared to its current budget of P4.5 billion, which has been unchanged in the past four years.
“For 2026 we are trying to advocate for a higher budget. If we insured 4.2 million farmers last year, then we will be able to hit almost five million farmers nationwide,” Bernabe said.
The higher budget will allow the PCIC to raise its insurance coverage to 47 percent of the country’s total farmers and fisherfolk from the current 40 percent coverage rate.
Bernabe said 60 percent of the foreseen additional insurance coverage would come from rice sector, 20 percent from corn and the remaining 20 percent from high-value crops.