The government is strengthening protection for farmers and fisherfolk by increasing agricultural insurance funding, raising the Philippine Crop Insurance Corp. budget by 45 percent to a record P6.5 billion under the 2026 General Appropriations Act. This is up from last year’s P4.5 billion.
The PCIC, an attached agency of the Department of Agriculture, said the additional funding will expand insurance coverage for rice and corn nationwide. Coverage will rise to P25,000 per hectare this year, a 25 percent increase from P20,000.
The amount represents the maximum payout for total crop loss due to insured perils such as natural calamities, pests and diseases.
The larger budget will also allow the PCIC to insure an estimated 2.93 million farmers and fisherfolk in 2026, nearly 25 percent more than the 2.35 million insured last year. The free insurance program covers seven product lines: rice, corn, high-value crops, fisheries and aquaculture, livestock, and non-crop agricultural assets. Credit and life term insurance remain excluded.
The Government Premium Subsidy under the GAA funds agricultural insurance for producers listed in the Registry System for Basic Sectors in Agriculture, the govern-ment’s official database. Free coverage will also extend to coconut farmers registered under the National Coconut Farmers Registry System, with funding of about P500 mil-lion from the Coconut Farmers and Industry Trust Fund.
The PCIC expects to insure around 714,000 coconut farmers this year, up from 640,000 in 2025, and will continue offering insurance to producers who choose to pay regular premiums.
Overall, the total number of insured farmers and fisherfolk—both subsidized and non-subsidized—is projected to reach 3.68 million in 2026, a 12 percent increase from 3.29 million last year. The agency also said it is accelerating modernization and digitaliza-tion efforts to deliver faster and more efficient services.
