The Philippine Crop Insurance Corp. (PCIC) is optimistic about securing an additional P1 billion in funds from the 2026 national budget to expand farmer insurance cover numbering 4.2 million as of end-2024.
PCIC president Jovy Bernabe made the announcement at the Sustainable Agriculture Forum hosted by the European Chamber of Commerce of the Philippines, noting that the agency’s annual budget has remained fixed at P4.5 billion the past four years.
“We are being supported by the Department of Agriculture, and we understand that any increase would depend on the fiscal space available,” Bernabe said, noting that any budget hike would require the approval of the Office of the President, Department of Budget and Management (DBM), and Congress.
Bernabe underscored the potential impact of additional funding, explaining that an extra P1 billion will enable PCIC to insure up to 600,000 more farmers, raising total coverage to nearly 5 million by 2026.
Despite not receiving a budget increase in the current fiscal year, PCIC said it still expects to boost the number of farmers covered this year through supplementary support from local government units and commercial clients in the livestock, banana, and tobacco sectors.
“Our utilization rate has been consistently at 100 percent, which demonstrates the efficiency and need for additional support,” Bernabe said.
The PCIC insures approximately 47 percent of the country’s farmers. The government-owned and controlled corporation is the implementing agency of the national agricultural insurance program, providing protection for crops, livestock, and agricultural assets against natural disasters, pests, and diseases.
