State crop insurer Philippine Crop Insurance. Corp (PCIC) plans to insure almost three million farmers this year after its budget increased by 45 percent.

PCIC said it has been given an appropriation of P6.5 billion, the highest in the agency’s history, up from last year’s P4.5 billion.

The expanded budget will translate into higher insurance cover for rice and corn and a wider reach for its free insurance program nationwide, PCIC added.

“The bigger budget will also allow PCIC to insure an estimated 2.93 million farmers and fisherfolk in 2026—nearly 25 percent more than last year’s 2.35 million,” said PCIC, an attached government-owned and controlled corporation to the Department of Agriculture.

The government’s free insurance program covers seven products including rice, corn, high-value crops, fisheries and aquaculture, livestock and non-crop agricultural assets.

However, credit and life term insurance remain excluded from the free coverage.

PCIC said its insurance cover for rice and corn increased to P25,000 per hectare, a quarter high than the P20,000 previous coverage.

“This amount represents the maximum payout in cases of total crop loss caused by insured perils such as natural calamities, pests and diseases under PCIC’s multi-peril insurance,” PCIC added.

Eligible farmers for the free insurance program are those registered under the Registry System for Basic Sectors in Agriculture, the government’s official database of agricultural producers.

Furthermore, the free insurance coverage is also extended to coconut farmers registered under the National Coconut Farmers Registry System, backed by about P500 million from the Coconut Farmers and Industry Trust Fund.

PCIC said around 714,000 coconut farmers are expected to be insured this year, up from 640,000 in 2025.

“Beyond subsidized clients, PCIC continues to offer insurance to producers who choose to pay regular premiums,” PCIC said.

Source - https://www.philstar.com