pcic

Philippine Crop Insurance Corporation
Location:

Company Introduction

The Philippine Crop Insurance Corporation (PCIC)is a government owned and controlled corporation (GOCC) created by virtue of PD 1467 (June 11, 1978), later on amended by PD 1733 (October 21, 1980) and further amended by RA 8175 (December 29, 1995), as the implementing agency of the government’s agricultural insurance program.PCIC is an attached agency of the Department of Agriculture.The PCIC’s principal mandate is 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 PCIC also provides protection against damage to/loss of non-crop agricultural assets including but not limited to machineries, equipment, transport facilities and other related infrastructures due to peril/s insured against. Philippines is vulnerable to natural disasters which cause devastation on crops and miseries to agricultural producers and lenders of agricultural credit. Because of the marginality of most landholdings, the result of these losses is devastating to the finances of the farmers.In 1976, an Interagency Committee for the Development of Crop Insurance undertook a nine-month full-blown feasibility study on the creation of a crop insurance program in the Philippines. It was concluded that the agricultural insurance system will address not only the welfare aspect of the after-loss event but also help in achieving the objective of stabilizing farm incomes and reverse the “risk-averse” nature of farmers and push them to invest more in new technologies that would help increase national productivity. Apart from protecting farmers from financial losses, crop insurance was also considered as an instrument that can be offered as “surrogate” collateral to banks and other financial institutions to influence and encourage them to continue participating and supporting government credit programs.It ushered in the creation of the Philippine Crop Insurance Corporation and the operationalization of the insurance program through the issuance of a presidential decree (PD No. 1467 promulgated on 11 June 1978) which had then the force of law. OUR CORPORATE MANDATE:   As the implementing agency of the agricultural insurance program of the government under P.D. # 1467, as amended by R.A. 8175, PCIC is mandated to provide insurance protection to the country’s agricultural producers particularly the subsistence farmers, against:Loss of their crops and/or non-crop agricultural assets on account of natural calamities such as typhoons, floods, droughts, earthquakes and volcanic eruptions, plant pests and diseases, and/or other perils.PCIC can also provide guarantee cover for production loans extended by lending institutions to agricultural producers for crops not yet covered by insurance.   MISSION:   PCIC, as an agricultural insurer, is committed to help stabilize the income of agricultural producers and promote the flow of credit in the countryside by:   Providing insurance protection to qualified farmers and other agricultural stakeholders against losses of their crops and produce, including their livestock, farm machineries and equipment, transport facilities and other related infrastructure arising from natural calamities, pests and diseases,  and other perils beyond their effective control;    Extending innovative and client-responsive insurance packages and other services thru people’s organization including farmers’ cooperatives, agricultural lenders and service providers.   VISION:   We envision the Philippine Crop Insurance Corporation as:   A viable service- oriented government institution attending to every insurance need of subsistence farmers and other agricultural stakeholders with utmost professionalism, integrity and efficiency;   A corporate body working with strong network of insurance and agricultural intermediaries in the spirit of partnership and oneness of purpose; and   A key factor in the realization of a vibrant and progressive rural economy where Filipino farmers work with peace of mind under the protective mantle of agricultural insurance.   CORE VALUES:   PCIC’s core values guide all our decisions and actions. These values are:   Dependability. We provide prompt and adequate service where and when we are needed.   Integrity. We provide the quantity and quality of service that we have agreed with and committed to our stakeholders.   Innovation. We conduct research and think up new ways of improving the delivery of services required by our clients and stakeholders.   Partnership. We engage our stakeholders in improving the way we serve our stakeholders.
Philippine Crop Insurance Corporation
Address:
7/F Building A, NIA Complex, EDSA, Diliman, Quezon City 1101
Website:
http://pcic.gov.ph/