As a step in developing its assistance to local farmers, fishermen, and livestock raisers, Agriculture Secretary Francisco Tiu Laurel Jr. pushed for the modernization of the Philippine Crop Insurance Corp. (PCIC) operations and the development of cost-effective insurance products and services.
In a recent meeting with PCIC executives, Laurel urged the agency to digitalize its processes, upgrade its technologies, and develop insurance products to better protect its clientele.
Likewise, to enhance indemnification processes, he highlighted the importance of adopting advanced crop insurance models similar to those in Japan, Taiwan, Thailand, and Vietnam.
“We’re doing it the way we’ve been doing it for X number of years; it’s time for PCCI to level up,” the Agri chief said.
Moreover, Laurel stressed the potential for insurance to serve as collateral for accessing financial services from banks and other institutions, further suggesting the agency’s expansion of its reinsurance strategies for better management of its risk profile.
PCIC plays a crucial role in promoting food production by providing insurance protection to farmers, fishermen, and livestock raisers against natural calamities, diseases, pest infestations, and other risks, according to the Department of Agriculture (DA).
“With an annual budget of P4.5 billion from the General Appropriations Act, PCIC primarily focuses on indemnifying insurance claims, having serviced 744,000 farmer claims last year alone,” DA said in a statement.
PCIC eyes to extending its services to 1.2 million farmers, 21,000 livestock raisers, and fisheries stakeholders this year.