House okays bill seeking stronger crop insurance for farmers

The House of Representatives has approved a bill seeking to expand the insurance services offered by the Philippine Crop Insurance Corporation (PCIC) to better protect farmers and fisherfolk from losses caused by natural disasters, diseases and other risks.

With 201 affirmative votes and no negative votes, the House approved House Bill No. 10365, which seeks to amend Presidential Decree No. 1467, the law creating the PCIC. (Philippine Congress)

If enacted into law, the measure would expand insurance coverage to include livestock, fisheries and aquaculture, agroforestry projects and forest plantations, as well as non-crop agricultural assets such as machinery and equipment.

“Malaki na ang ipinagbago ng agrikultura at ng mga panganib na hinaharap ng ating mga magsasaka at mangingisda. Our agricultural insurance system must keep pace with those realities,” House Speaker Faustino “Bojie” G. Dy III, who served three terms as governor of Isabela, one of the country’s major food baskets, said in a statement.

“For a farmer, one typhoon can mean losing the crop, the money spent on seeds and fertilizer, months of labor, and the income the family was counting on. Without adequate protection, one disaster can become years of debt,” he added.

The proposed measure would also provide life and accident term insurance for farmers and fisherfolk.

It would expand agricultural insurance coverage to include production costs, the value of household and hired labor, and part of the expected harvest, whenever applicable.

The bill would also authorize the PCIC to offer parametric, index-based and other modern insurance products.

It would allow the PCIC to enter into public-private partnerships, joint ventures and similar arrangements with agricultural cooperatives, farmers’ associations and other private-sector participants.

In 2024, President Ferdinand Marcos Jr. issued an executive order transferring the PCIC back to the Department of Agriculture (DA).

The PCIC was created under Presidential Decree No. 1467 in 1978 to provide insurance protection to farmers against losses arising from natural disasters, plant diseases and pest infestations.

The Marcos administration increased funding for the state crop insurer by ₱2 billion in 2026 and may provide additional funding in 2027 to expand coverage for more farmers and fisherfolk, according to the DA. — MCG, GMA News