Nearly 3m Filipino farmers and fishermen to get insurance cover

Nearly 3m Filipino farmers and fishers are expected to benefit from expanded government-backed insurance coverage following a significant budget increase, the Department of Agriculture (DA) said.

Under the 2026 General Appropriations Act, the Philippine Crop Insurance Corp (PCIC) received a PHP6.5bn ($115.8m) allocation, representing a 45% increase from PHP4.5bn in 2025, reported Philippine News Agency.

The expanded budget will allow PCIC to insure around 2.93m farmers and fishers, up nearly 25% from the 2.35m food producers covered last year. The DA said the additional funding will enable higher insurance coverage for rice and corn, as well as broader nationwide access to its free insurance programme.

The maximum indemnity for total crop loss for rice and corn has been increased to PHP25,000 per hectare, up from PHP20,000 previously. PCIC’s multi-peril insurance covers losses caused by natural disasters, pests and diseases.

Insurance coverage also extends to high-value crops, fisheries and aquaculture, livestock and non-crop agricultural assets. Registered coconut farmers under the National Coconut Farmers Registry System will also be included.

About 714,000 coconut farmers are expected to be insured this year, supported by a PHP500m allocation from the Coconut Farmers and Industry Trust Fund, compared with 640,000 farmers covered in 2025.

Eligibility for government-subsidised insurance requires farmers and fishers to be listed in the Registry System for Basic Sectors in Agriculture. For 2026, the total number of subsidised and non-subsidised insured farmers and fishers is projected to reach 3.68m, up 12% from 3.29m last year.

Source: www.asiainsurancereview.com