Philippine Crop Insurance Corporation

The Philippine Crop Insurance Corporation (PCIC) is the implementing agency of the government’s agricultural insurance program. It currently operates under the supervision of, and as an attached agency to, the Department of Agriculture. PCIC is a government owned and controlled corporation (GOCC) created by virtue of Presidential Decree 1467 (June 11, 1978), later on amended by PD 1733 (October 21, 1980) and further amended by Republic Act 8175 (December 29, 1995), as as the implementing agency of the government’s agricultural insurance program. The PCIC’s principal mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases and pest infestations of their palay and corn crops as well as other crops. The corporation also provides protection against damage to/loss of non-crop agricultural assets including but not limited to machineries, equipment, transport facilities and other related infrastructures due to peril/s insured against. Philippines is vulnerable to natural disasters which cause devastation on crops and miseries to agricultural producers and lenders of agricultural credit. Because of the marginality of most landholdings, the result of these losses is devastating to farmers’ finances.