THE Philippine Crop Insurance Corp. (PCIC) is targeting to serve over 1.2 million local farmers and fishers this year.
Agriculture Secretary Francisco Tiu Laurel Jr. said that PCIC was aiming to exceed the number of farmers and fishers it served last year, which stood at 744,000.
“This year, the agency aims to expand coverage to 1.2 million farmers, 21,000 livestock raisers, and fisheries stakeholders,” Tiu Laurel said on Tuesday.
The PCIC has a budget of P4.5 billion this year from the General Appropriations Act.
Tiu Laurel said that PCIC plays a crucial role in promoting food production by providing insurance protection to farmers, fishermen, and livestock raisers.
He suggested widening PCIC’s reinsurance strategies to better manage the agency’s risk profile effectively.
In line with their target, the agriculture chief also said there was a need to shift crop insurance policy from traditional practices to advanced models, such as those practiced in neighboring countries like Japan, Taiwan, Thailand and Vietnam.
“These improvements aim to enhance indemnification processes, which currently rank among the most substantial in the region,” the agriculture chief said.
“We’re doing it the way we’ve been doing it for X number of years; it’s time for PCCI to level up,” he added.
The PCIC was recently returned to under the wings of the Department of Agriculture from the Finance department.
Tiu Laurel added that the insurance corporation should digitalize its processes, upgrade its technologies and develop insurance products that would provide better protection for its clientele.
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