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The House of Representatives passed a bill on Tuesday at its third and final reading by a vote of 268 to 0 with no abstentions. The bill aims to increase the services provided by the Philippine Crop Insurance Corporation (PCIC) while also promoting private sector involvement in agriculture insurance.

By requiring the insurance services of the PCIC to cover all agricultural commodities, from the traditional palay crops to now include “other crops, without prejudice to the inclusion of other non-crop agricultural assets, such as livestock, fisheries, and aquaculture, agroforestry and forest plantations,” House Bill No. 7387 seeks to ensure that more Filipino farmers are protected from financial losses resulting from natural calamities, plant diseases, and pest infestations.

As determined by the Board of Directors of PCIC, insurance coverage must also cover machinery, equipment, transportation facilities, and other associated infrastructures.

In addition, the insurance must always pay for the cost of production inputs, the value of the farmer’s own labor and the labor of his household members, as well as the value of any hired labor, and a portion of the anticipated yield that the Board of Directors chooses to insure.

However, this insurance coverage does not cover losses brought on by avoidable risks caused by the insured, any member of his immediate farm household, or an employee’s negligence, misconduct, or fraud.

Additionally, the PCIC must provide reinsurance services to organizations interested in providing agriculture insurance.

“It shall also be the policy of the State to promote the modernization of the agricultural sector by mitigating the risks inherent to the industry and which increase the barriers to increased market participation in businesses related to agriculture,” HB 7387 read.

In order to achieve this, the Philippine Crop Insurance Corporation was given permission to enter into reinsurance agreements with private-sector agricultural insurers and to expand its insurance services to cover livestock, aquaculture and fishery, agro fishery, and forest plantation insurance, according to the statement.

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