Senator Christopher “Bong” Go is now seeking passage of a bill that would expand the services of the Philippine Crop Insurance Corp. (PCIC) and encourage private sector participation in agricultural insurance. Go, in filing Senate Bill No. 2117, said it is necessary to provide better...
On the strength of 268 affirmative votes, the House of Representatives approved on third and final reading a measure that seeks to expand the services of the Philippine Crop Insurance Corporation (PCIC) and at the same time encourage private sector participation in agricultural insurance. Passed...
A World Bank study recommending reforms in the Philippine Crop Insurance Corp. (PCIC) has found that the state-run firm’s current approach to agricultural insurance neither provides value for money to taxpayers nor adequate protection to farmers. The PCIC is also “very exposed to catastrophe...
PhilHealth, PCIC accounting norms monitored By Chino S. Leyco The Insurance Commission (IC) is closely monitoring the compliance of the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Crop Insurance Corp. (PCIC) with the directive of the Department of Finance (DOF) to adopt...
The Insurance Commission (IC) lauded the state-owned Philippine Crop Insurance Corp. (PCIC) and CARD Pioneer Microinsurance, Inc. (CPMI) for an agreement on agriculture insurance. In a statement, Insurance Commissioner Dennis B. Funa said the co-insurance agreement between PCIC and CPMI would help...
Odette, the strongest typhoon to hit the Philippines in 2021, has dampened the Philippine government’s overall growth outlook for agriculture sector, which already lost over P3-billion worth due to the typhoon. "The growth outlook is dampened," said Agriculture Secretary William Dar said in a...
The Department of Finance (DOF) has directed the Government Service Insurance System (GSIS) and the Land Bank of the Philippines to assist the Philippine Crop Insurance Corp. (PCIC) in managing the risks and enhancement of its investment portfolio. Finance Secretary Carlos G. Dominguez III said the...
Finance Secretary Carlos G. Dominguez III instructed the Philippine Crop Insurance Corp. (PCIC) to identify and explain its sources of funds and corresponding uses to better understand its financial status and ensure that its premium subsidies paid for by taxpayers are spent well. Dominguez said...
The Department of Finance (DOF) has asked the management of the state-run Philippine Crop Insurance Corp. (PCIC) to submit the detailed financial status and computation of its contingent liabilities. PCIC Chairman Carlos Dominguez In a statement, Finance Secretary Carlos G. Dominguez III said he...
State-run Philippine Crop Insurance Corp. (PCIC) is at risk of suffering heavy losses once major catastrophic events occur, which would eventually be shouldered by the taxpayers, an in-depth analysis by the Insurance Commission (IC) revealed. According to the IC analysis released by the Department...
The Federation of Free Farmers (FFF) said the money that goes to Philippine Crop Insurance Corporation (PCIC) are government contributions to the premiums for crop insurance policies issued to farmers and not subsidies. 35199 FFF issued this clarification on efforts to to debunk claims that the...
State-owned Philippine Crop Insurance Corp. (PCIC) needs to be run by “industry professionals” to stop the company’s money losing business, the government’s chief economic manager said. Finance Secretary Carlos G. Dominguez III, who officially took over the chairmanship of PCIC on Friday,...
