“Credit plus insurance minus risk.” This is the simple yet powerful formula shared by Philippine Crop Insurance Corporation (PCIC) Vice President Melba Manalo during the Agricultural Credit Policy Council’s (ACPC) recent AgriCREDITalk webinar.
“Hindi man natin totally ma-eradicate ang risk dahil andyan yan, pwede itong mabawasan sa tulong ng kredito at seguro. Mapapanatag ang ating mga magsasaka at mangingisda – ang ating vulnerable sector,” she explained.
ACPC OIC Executive Director Ma. Cristina G. Lopez emphasized the importance of combining credit with insurance to help agricultural stakeholders invest with confidence. “Kapag pinagsama ang credit at insurance, mas lumiliit ang panganib at mas lumalakas ang loob ng ating mga kababayan na mag-invest sa agrikultura,” she said.
PCIC was established to provide insurance protection to the country’s agricultural producers, especially small-scale farmers and fisherfolk. It covers crop losses caused by natural calamities such as typhoons, floods, drought, earthquakes, and volcanic eruptions, as well as damages from plant diseases, pest infestations, and other insured perils.
“Ang layunin namin ay magbigay ng proteksyon sa pamamagitan ng seguro sa ating mga malilit na magsasaka, mangingisda at iba pang mga agricultural stakeholders, at kaagapay sa pagtaguyod ng daloy ng kredito sa kanayunan,” VP Manalo added.
To achieve this, PCIC offers various insurance products, including coverage for rice, corn, high-value crops, livestock, non-crop agricultural assets, fisheries, and credit and life term insurance.
One of its key products under the Credit and Life Term Insurance is the Loan Repayment Protection Plan (LRP2). This guarantees that the approved agricultural loan will be fully paid in case the insured borrower passes away or suffers total permanent disability due to accident, natural causes, or even murder or assault.
VP Manalo also clarified that while farmers and fishers enrolled in the Registry System for Basic Sectors in Agriculture (RSBSA) are entitled to free insurance from PCIC, their crops and livestock are not automatically enrolled.
“Kapag nakalista ka sa RSBSA, lehitimo kang magsasaka. Pero dapat kang mag-apply at mag-fill out ng form at isubmit sa PCIC para makakuha ng insurance,” she said.
To further improve its services, PCIC has partnered with G-Cash for faster indemnity payouts and is enhancing its Automated Business System to streamline underwriting, claims processing, and financial management. These innovations aim to make insurance claims more accessible and efficient for farmers and fishers.
PCIC has 13 Regional Field Offices, 54 Provincial Extension Offices, and 29 Service Desks nationwide. For more information on PCIC’s insurance products, visit www.pcic.gov.ph.
Watch the full webinar episode featuring PCIC here: https://www.facebook.com/agricreditpolicycouncil/videos/543079654926789