An additional PHP1 billion fund is seen to insure more Filipino farmers nationwide, according to the Philippine Crop Insurance Corporation (PCIC).

“The budget preparation is ongoing right now. Our proposal actually is to increase it by PHP1 billion,” PCIC President Jovy Bernabe told reporters in an interview on the sidelines of the partnership signing with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on Monday.

Bernabe said the fund to be requested, which will total to PHP7.5 billion, will further expand support and protection to Filipino food growers across the rice, corn, and high-value crops (HVC) sectors.

“Rule of thumb natin, kapag (Our rule of thumb is that with the) additional PHP1 billion, we’ll cover 500,000 more farmers across sectors,” he said.

The majority of the fund allocation will be provided for rice farmers at 60 percent, followed by corn at 20 percent.

The PCIC earlier secured about PHP6.5 billion under the 2026 General Appropriations Act (GAA).

This year’s allocation is 45 percent higher than PCIC’s PHP4.5 billion funding in 2025.

To date, the PCIC covers 2.93 million local farmers and fishers nationwide, with an increase in indemnity coverage for total loss.

“Ginawa natin PHP25,000 para dumagdag ang benefit ng mga farmers na indemnity nila maging (We made it PHP25,000 to boost the indemnity benefits of farmers, to make it) PHP25,000 for total loss per hectare. So that’s a 25 percent increase,” Bernabe said.

In 2025, the PCIC only issued PHP20,000 per hectare indemnity for total loss of crops to insured farmers.

The state-run firm, meanwhile, expressed optimism that its charter will be extended.

“We are quite hopeful na ma-extend naman tayo (that we will be extended),” Bernabe said, citing the proposal for a “perpetual” extension.

The proposal also includes the strengthening and digitalization of PCIC, as well as partnerships with private insurance companies.

“Those are measures to strengthen our agriculture insurance industry,” Bernabe said. (PNA)