House okays expanded crop insurance body
THE House of Representatives has approved on third and final reading a measure that seeks to expand the services of the Philippine Crop Insurance Corporation (PCIC).
With 268 votes, the lower chamber aapproved House Bill 7387, which seeks to further revise Presidential Decree (PD) No. 1467, creating the Philippine Crop Insurance Corporation and also encourages private sector participation in agricultural insurance.
The program also includes agricultural facilities and related infrastructures, with the end in view of encouraging lending institutions to extend credit to the agricultural sector.
“It shall also be the policy of the State to promote the modernization of the agricultural sector by mitigating the risks inherent to the industry and which increase the barriers to increased market participation in businesses related to agriculture,” the bill read.
“Towards this end, the State shall encourage active private sector participation in extending agricultural insurance to members of the agricultural sector by allowing the Philippine Crop Insurance Corporation to undertake reinsurance agreements with private sector agricultural insurers and to extend its insurance services to livestock, aquaculture and fishery, agro fishery, and forest plantation insurance,” it further said.
Under the measure, the PCIC shall insure farmers against losses arising from natural calamities, plant diseases, and pest infestations.
