The Philippine Crop Insurance Corp. (PCIC) will seek an extension of its charter by another 25 years once the 20th Congress starts, its top official said.

PCIC president Jovy Bernabe said the state-run firm is just waiting for the next Congress to convene.

Based on the legislative calendar, the 19th Congress would end on June 13 this year, while the 20th Congress would begin on July 28.

“And then, we will start already advocating,” he said.

Bernabe is confident that their push for extension would gain support from both chambers.

PCIC’s corporate life is set to lapse in 2028.

“The main reason is we want to simplify … We just want an extension,” he said.

The PCIC executive said their existing charter is “already sufficient,” with enough power since it was amended in December 1995.

“Changes that we want to implement can be implemented without the charter. The power of the board under the charter is really very broad and extensive that the board can do anything,” Bernabe said.

PCIC, a corporation attached to the Department of Agriculture, is the implementing agency of the government’s agricultural insurance program.

Its mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases and pest infestations of palay, corn and other crops.

Bernabe earlier said that the PCIC would request a P5.5-billion budget for 2026. This is meant to help increase the number of covered farmers to 4.8 million from 4.2 million in 2024.

In the past four years, its budget has been set at P4.5 billion. About 47 percent of farmers nationwide are covered with insurance, the agency said.

Last April, the PCIC and the Insurance Commission sealed a memorandum of understanding to enhance regulatory frameworks aimed at boosting the insurance coverage provided for farmers.

Source - https://business.inquirer.net