The Philippines' House of Representatives has approved a bill seeking to expand agricultural insurance coverage to farmers and fisherfolk facing losses from natural disasters, diseases and other risks.
House Bill No. 10365, approved with 201 votes and no opposition, proposes amendments to the law governing the Philippine Crop Insurance Corporation (PCIC).
The proposed framework would extend coverage beyond crops to livestock, fisheries and aquaculture, agroforestry and forest plantations, as well as agricultural machinery and equipment.
It would also allow the PCIC to provide life and accident term insurance for farmers and fisherfolk, while coverage could include production costs, household and hired labour and part of expected harvests.
The bill would authorise the PCIC to develop parametric and index-based insurance products and enter public-private partnerships and joint ventures with agricultural cooperatives, farmers’ groups and private-sector participants.
The PCIC was transferred back to the Department of Agriculture in 2024. The government also increased funding for the state crop insurer by PHP2bn ($35m) in 2026, with further funding potentially available in 2027, according to the Department of Agriculture.
Source - https://www.asiainsurancereview.com
