PCIC sees more farmers, fishers covered by insurance

FILE PHOTO: Farmers belonging to an association start their mornings checking seedlings, clearing weeds and making sure the paddies are well irrigated. On certain days, they meet at the edge of the fields to plan schedules and divide the day’s harvest. —RODOLFO CASTRO/CONTRIBUTOR

The Philippine Crop Insurance Corp. (PCIC) expects to increase the number of insured farmers and fisherfolk following a record-high budget allocation this year.

Under the 2026 General Appropriations Act, the PCIC was allocated P6.5 billion, a 45-percent jump from P4.5 billion last year.

The budget boost, along with other initiatives, will enable the PCIC to insure 3.68 million agricultural workers this year, a 12-percent increase from 3.29 million in 2025.

The PCIC said the expanded budget would also increase the insurance cover for rice and corn by 25 percent to P25,000 per hectare this year from the previous P20,000.

“This amount represents the maximum payout in cases of total crop loss caused by insured [causes] such as natural calamities, pests, and diseases under PCIC’s multiperil insurance,” the PCIC said in a statement on Monday.

It noted that the expanded coverage will cover about 2.93 million farmers and fisherfolk in 2026, almost 25 percent higher than 2.35 million a year ago.

This initiative is limited to certain product lines, including rice, corn, high-value crops, fisheries and aquaculture, livestock and noncrop agricultural assets.

It is funded through the government premium subsidy under the national budget, which supports farmers and fisherfolk registered in the Registry System for Basic Sectors in Agriculture.

Other beneficiaries

The free coverage likewise extends to coconut farmers registered under the National Coconut Farmers Registry System, with funding coming from the P500-million allocation from the Coconut Farmers and Industry Trust Fund.

According to the PCIC, some 714,000 coconut farmers are expected to benefit from this insurance coverage this year, up by 11.6 percent from last year.

The PCIC, the implementing agency for the government’s agricultural insurance program, continues to offer insurance to local farm producers who choose to pay regular premiums.

Aside from enhanced insurance payout, the PCIC said it is also accelerating modernization and digitalization efforts to deliver faster, more transparent and efficient services. —WITH A REPORT FROM INQUIRER RESEARCH