The Philippine Crop Insurance Corporation (PCIC) is the implementing agency of the government’s agricultural insurance program. It currently operates under the supervision of, and as an attached agency to, the Department of Finance, by virtue of Executive Order 148 (September 14, 2021).
PCIC is a government owned and controlled corporation (GOCC) created by virtue of Presidential Decree 1467 (June 11, 1978), later on amended by PD 1733 (October 21, 1980) and further amended by Republic Act 8175 (December 29, 1995), as as the implementing agency of the government’s agricultural insurance program.
The PCIC’s principal mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases and pest infestations of their palay and corn crops as well as other crops.
The corporation also provides protection against damage to/loss of non-crop agricultural assets including but not limited to machineries, equipment, transport facilities and other related infrastructures due to peril/s insured against. Philippines is vulnerable to natural disasters which cause devastation on crops and miseries to agricultural producers and lenders of agricultural credit. Because of the marginality of most landholdings, the result of these losses is devastating to farmers’ finances.
In 1976, an Interagency Committee for the Development of Crop Insurance undertook a nine-month full-blown feasibility study on the creation of a crop insurance program in the Philippines.
The study concluded that the agricultural insurance system will address not only the welfare aspect of the after-loss event but also help stabilize farm incomes and reverse the “risk-averse” nature of farmers. The system should also push them to invest more in new technologies that would help increase national productivity.
Apart from protecting farmers from financial losses, crop insurance is also an instrument that can serve as “surrogate” collateral to banks and other financial institutions to encourage them to continue participating in and supporting government credit programs.
These findings ushered the creation of the PCIC and put into operation the government’s insurance program.
PCIC is a state-owned agricultural insurer committed to developing and implementing insurance programs highly responsive to the needs of small farmers and fisherfolk and other agricultural stakeholders.
By 2023, the PCIC will have insured and protected the livelihood of the broadest number of subsistence farmers and fisherfolk while ensuring its institutional viability and sustainability.
PCIC’s core values guide all our decisions and actions. These values are:
Dependability. We provide prompt and adequate service where and when we are needed.
Integrity. We provide the quantity and quality of service that we have agreed with and are committed to our stakeholders.
Innovation. We conduct research and think of new ways to improve the delivery of services required by our clients and stakeholders.
Partnership. We engage our stakeholders in improving the way we serve our stakeholders.
The PCIC Logo
The PCIC logo combines the ancient Filipino shield and three leaves. The shield was adopted to emphasize PCIC’s reliable and stable protective function. The leaf at the center represents crops and other farm products , which thrives under PCIC’s insurance cover as shown by its upward thrust. The three leaves signify the three geographical divisions of the archipelago – Luzon, Visayas and Mindanao which indicate that insurance protection is offered nationwide.
The native shield and the symbolic crop are both executed in varying but striking shades of vibrant green – the traditional color of life, hope and prosperity. Taken as a whole, the symbol aptly embodies PCIC’s protective nature and social commitment, as the farmer’s dependable partner.