PCIC head wants 25-year charter extension

Sowing Seeds of Stability How PCIC Plans to Secure Its Future with a 25-Year Charter Extension

As an advocate for the agriculture sector, it's crucial to recognize the importance of insurance protection for farmers. The Philippine Crop Insurance Corp. (PCIC) is one such organization that provides vital coverage to farmers against losses arising from natural calamities, plant diseases, and pest infestations.

In this blog post, we'll delve into PCIC's plan to extend its charter by 25 years and explore how this move can benefit the agricultural industry as a whole. Let's start!

The Background

Established in 1978 through Presidential Decree 1467, PCIC has a primary mandate to provide insurance protection to farmers against losses arising from natural calamities, plant diseases, and pest infestations of their palay and corn crops, as well as other crops.

The Need for Charter Extension

PCIC President Jovy Bernabe plans to push for a charter extension after the election of a new Congress this year. According to Bernabe, the current charter has a sufficient mandate, and the changes desired can be implemented without changing the charter. This includes simplifying the process by first seeking an extension of its corporate life.

The Benefits

A 25-year charter extension can bring numerous benefits to the agricultural industry. Firstly, it will provide stability and predictability for farmers, allowing them to plan their crop production and management with confidence. Secondly, it will enable PCIC to further develop its insurance products and services, including non-crop agricultural assets, such as machineries, equipment, transport facilities, and other related infrastructures.

The Vision

PCIC's vision is to become a sustainable, technology-driven agricultural insurance provider for Filipino farmers and fisherfolk that provides value for money and fosters resiliency. By 2028, the organization aims to have achieved this vision, providing comprehensive coverage to farmers and empowering them to grow their businesses.

Conclusion

In conclusion, PCIC's plan to extend its charter by 25 years is a significant step towards achieving its vision of becoming a sustainable and technology-driven agricultural insurance provider. This move will provide stability and predictability for farmers, allowing them to focus on growing their businesses while PCIC continues to develop innovative insurance products and services.

As an advocate for the agriculture sector, it's essential to support initiatives that promote the well-being of farmers and the agricultural industry as a whole. By doing so, we can contribute to the growth and development of our country's economy.

Key Takeaways

PCIC plans to extend its charter by 25 years after the election of a new Congress.
The current charter has a sufficient mandate, and changes desired can be implemented without changing the charter.
A 25-year charter extension will provide stability and predictability for farmers.
PCIC aims to become a sustainable, technology-driven agricultural insurance provider for Filipino farmers and fisherfolk.

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Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.