Agriculture Secretary Francisco Tiu Laurel Jr. called on the state-run Philippine Crop Insurance Corp. (PCIC) to modernize its operations and develop more affordable insurance products and services tailored to the needs of farmers, fishermen and livestock raisers.
The proposal sought to better protect the agency’s vital sectors from natural disasters, disease outbreaks and other risks.
The PCIC, which recently returned to the Department of Agriculture’s (DA) purview, should prioritize digitalization, technology upgrades and innovative insurance product development, according to Tiu Laurel.
The agency, with an annual budget of P4.5 billion, focuses on indemnifying insurance claims, having serviced 744,000 farmers in the previous year.
It aims to extend coverage to 1.2 million farmers, 21,000 livestock raisers and fisheries stakeholders this year.
“We’re doing it the way we’ve been doing it for years. It’s time for PCIC to level up,” Tiu Laurel told PCIC executives in a recent meeting, stressing the need to enhance indemnification processes.
He also highlighted the potential for insurance to serve as collateral for farmers and fisherfolk to access financial services, suggesting the expansion of PCIC’s reinsurance strategies to effectively manage the agency’s risk profile.
He said the DA would ensure that the PCIC continues to play a pivotal role in safeguarding the livelihoods of rural communities across the Philippines.
