Makomo
Active member
Agriculture Secretary Francisco P. Tiu Laurel, Jr. has urged the Philippine Crop Insurance Corp. (PCIC) to modernize its operations by digitalizing processes, upgrading technology, and creating more affordable insurance products for farmers, fisherfolk, and livestock raisers. Recently brought back under the Department of Agriculture, PCIC, which has an annual budget of P4.5 billion, currently focuses on indemnifying insurance claims and aims to expand its coverage significantly this year. Secretary Tiu Laurel emphasized the need for PCIC to adopt advanced insurance models used in neighboring countries to improve indemnification processes and suggested using insurance as collateral for financial services while enhancing reinsurance strategies to manage risks better. This move reflects the Department’s commitment to modernizing agricultural practices and supporting rural communities effectively. 
