The 2026 General Appropriations Act boosts the Philippine Crop Insurance Corp. (PCIC) budget by a hefty 45 percent—raising it to PHP6.5 billion from last year’s PHP4.5 billion, the highest allocation ever for the program. This means farmers and fisherfolk are set to get stronger protection.
The Department of Agriculture–PCIC said the expanded budget will translate into higher insurance cover for rice and corn and a wider reach for its free insurance program nationwide.
Starting this year, insurance cover for rice and corn has climbed to PHP25,000 per hectare, up 25 percent from P20,000. This amount represents the maximum payout in cases of total crop loss caused by insured perils such as natural calamities, pests, and diseases under PCIC’s multi-peril insurance.
The bigger budget will also allow PCIC to insure an estimated 2.93 million farmers and fisherfolk in 2026—nearly 25 percent more than last year’s 2.35 million. The free insurance program spans seven product lines, including rice, corn, high-value crops, fisheries and aquaculture, livestock, and non-crop agricultural assets. Credit and life term insurance remain excluded from the free coverage.
Funding comes from the government premium subsidy (GPS) in the GAA, supporting agricultural insurance for farmers and fisherfolk listed in the Registry System for Basic Sectors in Agriculture (RSBSA), the government’s official database of agricultural producers.
Free coverage will also extend to coconut farmers registered under the National Coconut Farmers Registry System, backed by about PHP500 million from the Coconut Farmers and Industry Trust Fund. Around 714,000 coconut farmers are expected to be insured this year, up from 640,000 in 2025.
Beyond subsidized clients, PCIC continues to offer insurance to producers who choose to pay regular premiums.
All told, the number of insured farmers and fisherfolk—subsidized and non-subsidized—is projected to hit 3.68 million in 2026, a 12 percent jump from last year’s 3.29 million. PCIC said it is also accelerating modernization and digitalization efforts to deliver faster, more transparent, and more efficient services.
