The Philippine Crop Insurance Corporation (PCIC) recently remitted some P100-million worth of dividends to the National Government in a historic achievement under the current leadership of Agriculture Secretary Proceso J. Alcala and its president, Atty. Jovy C. Bernabe.
With the dividend remittance, the first since the agency was established in 1981, the PCIC joins an elite group of government-owned and controlled corporations (GOCCs) distinguished for their strong financial position and significant contribution to the national treasury.
The PCIC’s dividend contribution was made possible by its strong performance in 2014 that generated some P200.165 Million in income. A large volume of business combined with better risk management gave the agency this unprecedented favorable operational result.
During the year, the agency achieved a good spread of risk because of the P1.183 Billion premium subsidy provided by the national government for the agricultural insurance coverage of subsistence farmers and fisherfolk listed in Registry System for Basic Sectors in Agriculture (RSBSA). The premium subsidy resulted in the coverage of 917,814 farmers and fisherfolk across the country, 507.92% more than the 150,976 covered in 2010.
In ceremonies marking the GOCC Day at the Rizal Hall in Malacanang on May 13, 2015, the PCIC, represented by Board Chairperson Dioscoro A Granada, turned over a check worth P100,83 Million to President Aquino. The event was held to recognize GOCCs’ achievements and significant contributions to the country’s national development. Representatives of forty-nine (49) GOCCs attended the event.
In his message, Pres. Aquino lauded the performance of the GOCCs and urged them to further intensify their efforts to surpass their 2015 achievements and dividend contribution.
The Governance Commission for GOCCs (GCG) headed by its Chairpeson, Sec. Cesar L. Villanueva, and GCG Commissioners Ma. Angela E. Ignacio and Rainier B. Butalid hosted the annual ceremonial turnover of dividends.