Government Insurance System That Protects Crops and Livestocks from Possible Losses

If you are Filipino agribusinessmen/farmers, you need to ensure your crops and livestock to protect agricultural production in cases of calamities and other sudden unpleasant events. Placing crops under insurance would, in turn, protect you from possible losses caused by calamities like typhoons and fire.

Here in the Philippines, you can ensure your crops and livestocks in the Philippine Crop Insurance Corporation (PCIC), a socialized agency of government, which receives around P183 million yearly from Malacañang and a P2 billion capitalization that will cover all the claims of their clients. The corporation’s mandate is to provide insurance protection to the country’s agricultural producers against loss of crops and non-crop agricultural assets on account of natural calamities; provide guarantee cover for production loans extended by lending institutions to agricultural producers for crops not yet covered by insurance.