PCIC gives gov’t ₱453-M dividend to aid in COVID-19 response
The Philippine Crop Insurance Corporation (PCIC) has remitted P453 Million worth of dividends to the national government through the Department of Finance (DOF).
The sum was declared by the PCIC Board, based on another milestone year in the agency’s operation.
The amount was remitted to DOF pursuant to RA 7656, the law that requires government corporations to declare dividends to the national government.
“The PCIC recognizes the government’s need for funds amid this COVID-19 pandemic,” PCIC President Jovy Bernabe said. “It’s one of our contributions to ensure that people be provided with continuous social services and assistance as we deal with this crisis.”
PCIC’s dividend payment for 2019 is about 282% more than P160.901 Million the agency remitted in 2018. This can be attributed to the increase in the total premiums PCIC has received for its insurance products owing to the rapid increase in the number of insured farmers in the country.
Under PCIC’s existing agriculture insurance program, farmers and fisherfolk listed in the Registry System for Basic Sectors in Agriculture are provided with free crop insurance coverage. The premium payment for their crop insurance is fully paid by the government.