The state-owned Philippine Crop Insurance Corp. (PCIC) aims to insure at least 2.3 million farmers and fishers, most of whom are rice farmers, next year with its proposed budget of 4.5 billion pesos.
PCIC Chairman Jovy C. Bernabe told senators during Monday’s Department of Finance (DOF) budget hearing that the public insurance company’s budget next year would be able to cover $78.688 billion. pesos of agricultural products.
Based on PCIC’s submission, the government-owned and controlled company (GOCC) would be able to cover 1.073 million rice farmers, 354,610 maize farmers, 530,318 livestock farmers, 270,000 high-value crop farmers and 15 633 fishermen.
The PCIC would also be able to insure 48,165 farmers on non-farm farm assets.
Of the total subsidy offered by the PCIC next year, about 2.2 billion pesos would be used to insure rice farmers, while 1 billion pesos would be allocated to corn farmers. Data from the PCIC showed that the high-value crop and livestock sectors would each receive a 600 million pula cover, while fishermen and farmers of non-farm agricultural assets would each receive an allocation of 50 million pula. pulla.
Bernabe revealed that the PCIC aims to cover an additional 2 million farmers over the next two years through the GOCC’s 4 billion peso fund from penalties paid by banks under the Agri-Agra Act.
The supplementary crop insurance coverage would be additional to the regular budget and insurance coverage of the PCIC.
“We have an additional 4 billion pesos from [Bangko Sentral ng Pilipinas] in our account. We will use it in the next crop years to expand [our insurance coverage]”, said Bernabé.
“It’s already with the PCIC. We would use this money in 2023 and 2024 to cover other farmers who will not be covered by the [General Appropriations Act]“, added Bernabé.
PCIC’s target insurance coverage this year is also nearly 2.3 million farmers, 21.24% more than the nearly 1.9 million farmers and fishers it covered in 2021. .