Philippine agri secretary calls for modernisation of crop insurance

It hopes to adopt advanced models used in countries like Japan and Vietnam.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. called on the Philippine Crop Insurance Corp. (PCIC) to modernise its operations and offer more affordable insurance products for farmers, fisherfolk, and livestock raisers. 

Laurel emphasised the need for PCIC, now under the Department of Agriculture, to digitalise processes, upgrade technologies, and adopt advanced crop insurance models used in countries like Japan and Vietnam. 

With an annual budget of $26m (P4.5b), PCIC aims to expand coverage to 1.2 million farmers and 21,000 livestock raisers this year. 

Laurel highlighted the importance of modern insurance products not only for risk protection but also as collateral for financial services, urging PCIC to improve indemnification processes and reinsurance strategies to better manage risks.

($1.00 = P58.28)