MAKATI CITY, Philippines — March 20, 2025 — The Insurance Commission and the Philippine Crop Insurance Corporation signed a Memorandum of Understanding on Wednesday to foster cooperation in enhancing regulatory frameworks and improving the delivery of insurance services to the agricultural sector.

The ceremonial signing, held during the IC’s 76th anniversary, formalized a strategic partnership between the country’s insurance regulatory body and the government-owned crop insurance provider.

IC Commissioner Reynaldo Regalado and PCIC President JB Jovy Bernabe signed the agreement, witnessed by Mr. Segundo Guerrero, Jr., PCIC Senior Vice President, and Atty. Jason P. Lopez, Deputy Insurance Commissioner for the Financial Examination Group.

The MOU outlines multiple areas of cooperation, including information sharing, joint capacity building, regulatory support, product development, and public advocacy. The agreement commits both agencies to jointly organize training programs, develop insurance products tailored to farmers’ needs, promote awareness campaigns, and launch digital platforms for greater accessibility and transparency.

Under the agreement, the PCIC and IC will also collaborate on the development of regulatory toolkits, host technical sessions on risk management, and explore knowledge-sharing sessions on digital innovation, parametric insurance, and risk-based supervision models.

The collaboration is designed to bolster resilience among Filipino farmers, expand access to insurance coverage, and promote a more stable and responsive agricultural insurance.

The PCIC, a government corporation under the Department of Agriculture, provides insurance protection to the country’s farmers against crop losses due to natural calamities, pests, and diseases, while the IC, under the Department of Finance, is mandated to regulate and supervise the insurance industry.