In a statement, the Agriculture chief highlighted the need for digitalization and technological upgrades and emphasized the importance of adopting advanced crop insurance models similar to those in Japan, Taiwan, Thailand, and Vietnam.
“We’re doing it the way we’ve been doing it for X number of years,” he told the agency’s executives in a recent meeting, “It’s time for PCCI to level up.”
PCIC, recently reinstated under the Department of Agriculture, plays a vital role in promoting food production by providing insurance protection against natural calamities, diseases, and pest infestations.
With an annual budget of P4.5 billion, PCIC serviced 744,000 farmer claims last year and aims to expand coverage to 1.2 million farmers, 21,000 livestock raisers, and fisheries stakeholders in 2024.
Sec. Tiu Laurel stressed the potential for insurance to serve as collateral for financial services and suggested enhancing reinsurance strategies to manage risks effectively.
His directive aligns with the Department of Agriculture's commitment to modernizing agricultural practices and ensuring the livelihood of rural communities is protected.