Mission

PCIC is a state-owned agricultural insurer committed to developing and implementing

insurance programs highly responsive to the needs of small farmers and fisherfolk and other
agricultural stakeholders.

Vision

By 2023, the PCIC will have insured and protected the livelihood of the broadest number of
subsistence farmers and fisherfolk while ensuring its institutional viability and sustainability.

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 are
committed to our stakeholders.

Innovation. We conduct research and think of new ways to improve the delivery of services
required by our clients and stakeholders.

Partnership. We engage our stakeholders in improving the way we serve our stakeholders.
CONTENTS

Message from the President, 2

Highlights of Operation

Insurance Production, 4
Financial Results of Operation, 12
Board Resolution, 14
Partnerships and Linkages, 19
Stakeholder Engagement, 20
Organizational Learning, 34
Corporate Social Responsibility, 42

Institutional Milestones, 46
Customer Satisfaction Survey, 47
Financial Statement, 48
Key Officers, 58
Head Office and Regional Offices Directory, 59
Directory of Service Desks and PEOs, 71
FROM Dear Insurance Partners,

Our agency marked its 40th year foundation

THE
anniversary in 2021.

Mindful of the continuing difficulties brought

PRESIDENT
by the pandemic, we observed it simply
even as we celebrated the dramatic strides
we have made since the beginning, that
have been more pronounced in the last
decade or so. To cite a few:

o From a two-crop insurance concern,

that is rice and corn, the agency has
expanded its array of products and
services to seven, making it more
responsive to the changes in the
country’s agricultural and fisheries
sectors;

o From just over a hundred thousand

clients, we have served more than
three million which is still growing;
and

o From a few hundred millions, our

premium generation has reached
billions-level, as did our indemnity
payments for damage or losses among
the insured.

We summed up our achievements in our

first four decades in our anniversary theme:
“PCIC@40: Tatag ng Ahensiya, Kumpiyansa
sa Ani at Kita.” This theme conveys that
we have attained the strength and stability
that gives the insured agricultural producers
- and the broader society, the confidence
of gaining through protected investments in
farming and fishing.

Considering the obtaining socio-economic

conditions, we committed to propel our
agency to greater service in the years and
decades ahead to contribute meaningfully
as the Filipino people and society recover
economically and adapt to the new normal.

The immediate proof that we made good on

this achievement was that by the end of the
1
anniversary year, our agency turned in new
highs in our performance indicators:
o We have insured 3,357,290 farmers and
fisherfolk;
o We have generated Php 5.085 Billion
in premiums, about 4.44% of which
or Php 223.960 Million came from
paying clients; and
o We have paid Php 4.029 Billion in
validated claims made by 735,970
farmers and fisherfolk.
Our insurance operations yielded some Php
309.71 Million in net income for the agency.
o revisited our claims and complaints
processing procedures; and
o hired an IC-accredited consultant to
review our premium and claims reserve
valuation, review our premium
valuation and prescribe a pricing
framework, and thereafter, craft a
product development framework.
Even as we are now with DOF, we continued
to work with the DA offices, specially at the
regional level, inorder that the quality of our
services, which have been rated excellently
by our clients in the last few years, will be
sustained, if not improved.

In September, by virtue of Executive Order
148, the agency’s supervision was transferred
from the Department of Agriculture to the
Department of Finance for the purpose of
the policy and program coordination and
aligning the PCIC’s financial affairs with the
government’s fiscal program.
The EO changed the makeup of the Board; it
is now headed by the Secretary of Finance as
the chairperson (see full composition in page
14.)
We thank everyone for your valuable support
during the year.
In the following year and beyond, we look
forward to better working relationships
with you toward continually improving our
operations and serving better the Filipino
agricultural and fisheries producers.
Very truly yours,

We welcomed the new Board and supported

its initiatives immediately. We drew a plan of
action to comply with the recommendations
of an operational review of the PCIC JOVY C. BERNABE
conducted earlier on by an inter-agency team
led by the Insurance Commission (IC).

Among our major actions, we have:

o aligned our financial reporting system

with the Philippine Financial Reporting
Standards (PSRF) 4 which requires the
setting up of reserves for both premiums
and claims;

o revised the circulated copies of our

operations manual;

1
 4 | ANNUAL REPORT 2021

| INSURANCE
PRODUCTION
In 2021, in the face of the continuing public health and safety threats posed by the Covid 19
pandemic in its second year, the Philippine Crop Insurance Corporation (PCIC) embraced the
new normal in its mode of operation and continued to move agricultural insurance along a path
of significant growth.
Table 1. Production and Claims by Insurance Line, 2021
PRODUCTION CLAIMS

INSURANCE AMOUNT OF
PREMIUM
NUMBER OF OBJECT OF COVER NUMBER OF
LINE (IN PHP INDEMNITY
INSURED INSURANCE (IN PHP CLAIMANTS
MILLION)
MILLION)
Rice 1,209,572 1,366,504 29,298.869 2,933.954 524,588 2,619.570
Corn 360,102 405,759 8,133.260 832.283 148,752 819.039
High-Value 295,785 292,454 10,642.226 444.125 33,998 214.111
Crop
Livestock 610,330 2,376,970 21,321.671 711.456 18,991 253.566
Fisheries 17,428 3,155 674.171 42.672 4,111 43.302
Non-Crop 51,718 7,179 2,955.781 50.356 2,076 26.916
Agri-Assets
Credit and Life 812,605 280,005 37,069.813 71.121 2,089 53.794
Term Insurance
TOTAL 3,357,540 110,095.791 5,085.967 734,605 4,030.298

Number of Farmers and Fisherfolk
Insured. By the end of the year, the
total number of farmers and fisherfolk that
enrolled in our insurance programs reached
3,357,540. They were provided insurance
cover worth about Php 110.095 Billion.
Insurance premium generated reached
P5.085 Billion. Among those insured,
734,605 claimed for damages. They were
paid over Php 4.030 Billion.
The year’s total enrollment was a new
high in the country’s and the Corporation’s
agricultural insurance history. The volume
of enrollment means that about 30.8% of
the insurable farmers and fisherfolk have
been provided insurance. The universe of
agricultural insurance beneficiaries is the
10.9 Million farmers and fisherfolk listed
in the Registry System for Basic Sectors in
Agriculture or RSBSA.
This penetration rate for agricultural
insurance overshot the 26.7% target set
for 2022 under the current Philippine
Development Plan (PDP) and is already
equivalent to the target set for 2023, the
PDP’s terminal year.
2
Among the crop insurance lines, rice
insurance continued to dominate in terms
of participation. It accounted for 36.02%
of the total insured. Livestock insurance
followed, accounting for 18.18%; corn
insurance came in third, accounting for
10.72% of those insured. Rice and corn
insurance combined accounted for a total
of 46.75% of those insured, nearly half of
the total.
In the non-crop insurance lines, the credit
and life term insurance program (CLTIP)
accounted for 24.2% of the total insured
while the non-crop agricultural asset
insurance accounted for 1.54%.
Objects of Insurance. In rice insurance,
the farmers enrolled a total of 1,366,504
hectares of standing crop; in corn, 405,759
hectares; and in high-value crops, 292,454
hectares. Rice and corn combined stood at
1,772,263 hectares. In livestock insurance,
some 2.38 million head of various animals,
ranging from carabao, cattle, swine and
goat as well as poutry (largely backyard
 HIGHLIGHTS OF OPERATION | 5

chickens) were enrolled. In fisheries, Premium Generated. Some Php

some 3,155 fishing gears and aquaculture
undertakings were enrolled while in non-
crop agricultural asset insurance, there
were 7,179 lots of various assets. Finally,
280,005 policies involving life, limb and
loans were issued.
Amount of Cover. PCIC provided some
Php110.095 Billion in insurance cover for
all insurance. Among the insurance lines,
CLTIP got the biggest allocation at 33.67%
of the total over. Among the crop lines, rice
and livestock insurance got the first and
second biggest allocation at 26.61% and
19.37%, respectively. All other lines have
single digit percentage allocations, except
fisheries which got about 3/5 of 1%.
Number of Claimants and Total
Claims Paid. There were 734,605
claimants during the year. These were the
insured farmers and fisherfolk who suffered
losses to their standing crops and other
insured assets, including the loans, life and
limb covered by the CLTIP.
They were paid a total of Php 4.030
Billion. Rice insurance accounted
for 71.41% of the total number of
claimants and received 65% of the
total indemnity paid. Corn accounted
for 20.25% of claimant and 20.32% of
total claims.All other lines have from
less than 5% to less than 1% in terms
of the number of claimants to total
number of claimants, and accounted
5.085 Billion in insurance premium
was generated. Premium generated in
rice insurance was Php 2.933 Bllion,
or 57.69% of the total while it was Php
832.283 Million for corn, or 16.36%.
High-value crop insurance brought
in Php 444.125 Million, or 8.73% of
total. Livestock had Php711.456 Million
or about 14% of the whole premium
amount. Fisheries insurance made Php
42.672 Million; Non-crop Agri Asset
insurance, Php50.356 Million; and
CLTIP, Php 71.121 Million; or 0.84%,
0.99% and 1.40% of the total premium
pie, respectively.
Number of Insured by Premium
Fund Source by Line. There are three
categories of premium sources for the
farmers and fisherfolk enrolled in PCIC’s
agricultural insurance programs. These
are the General Appropriations Act
(GAA) which yearly allocates government
premium subsidy (GPS), penalty proceeds
of the Agri-Agra Reform Credit Act of
2009 or RA 10000, and payments made
by those who are not qualified to avail
themselves of GPS, and therefore shell
out money from their pockets. In 2021,
about 56.51% of the total number of
insured were supported by GPS from the
GAA and 18.03% from Agri-Agra funds.
The balance of 25.46%. paid out of their
own pockets.
Table 2. Number of Insured by Premium Fund Source by Line
INSURANCE LINE GAA AGRI-AGRA OTHER SOURCES TOTAL
Number % Number % Number % Number %

for about 6% or less of the total Rice 915,268 48.24 288,771 47.71 5,533 0.65 1,209,572 36.03
indemnity paid. Corn 272,676 14.37 85,855 14.91 1,571 0.18 360,102 10.73
High-Value Crop 230,158 12.13 61,161 10.11 4,466 0.52 295,875 8.81
Livestock 435,366 22.94 150,375 24.85 24,589 2.88 610,330 18.18
Fisheries 13,893 0.73 3,434 0.57 101 0.01 17,428 0.52
Non-Crop
30,143 1.59 15,518 2.56 6,057 0.71 51,718 1.54
Agri-Asset
Credit & Life Term
- - 126 0.02 812,479 95.05 812,605 24.20
Insurance
Total 1,897,504 100.00 605,240 100.00 854,796 100.00 3,357,540 100.00
%* 56.51 18.03 25.46
*% to total NOF
3
 6 | ANNUAL REPORT 2021

Number of Insured by Type Table 3. Number of Insured Farmers and Fisherfolk

by type of Premium Support
of Premium Support. Some Number of Insured Farmers and Fisherfolk
PARTIALLY
by Premium Support

73.23% of the total number of INSURANCE

FULLY SUBSIDIZED
SUBSIDIZED
UNSUBSIDIZED TOTAL
LINE
insured were fully subsidized, Number % Number % Number % Number %

about 1.34% were partially Rice 1,173,212 47.22 31,753 70.43 4,607 0.54 1,209,572 36.03
Corn 345,202 14.04 13,329 29.57 1,571 0.18 360,102 10.73
subsidized, and about 25.43% High-Value
291,319 11.85 - - 4,466 0.52 295,785 8.81
were unsubsidized. There are Crop
Livestock 585,741 23.82 - - 24,589 2.88 610,330 18.18
three sources of subsidies for Fisheries 17,327 0.70 - - 101 0.01 17,428 0.52
agricultural insurance premiums: Non-Crop
45,661 1.86 - - 6,057 0.71 51,718 1.54
Agri-Asset
yearly allocation from the Credit & Life
126 0.01 - - 812,479 95.15 812,605 24.20
General Appropriations Act Term Insurance
Total
(GAA), allocations for the PCIC 2,458,588 100.00 45,082 100.00 853,870 100.00 3,357,540 100.00
% 73.23 1.34 25.43 100.00
from the penalty proceeds of the
Agri-Agra Reform Credit Act of
Table 4. Number of Fully Subsidized Farmers and Fisherfolks,
2009 or RA 10000, and donor
Number of Fully Subsidized by Source
Insured ofand
Farmers Fund
Fisherfolk, by Source of Fund
agencies, specifically in 2021, Insurance line
GAA AGRI-AGRA OTHER SOURCES* TOTAL
Number % Number % Number % Number %
the Department of Agriculture Rice 915,268 48.24 257,018 45.88 926 100.00 1,173,212 47.72
(DA), through its Rice Model Corn 272,676 14.37 72,526 12.95 345,202 14.04
High-Vaue
Farm Project in Region VI. By Crops
230,158
12.13
61,161
10.92
291,319 11.85
Livestock 435,366 22.94 150,375 26.85 585,741 23.82
source of fund, the number of Fisheries 13,893 0.73 3,434 0.61 17,327 0.70
insured are divided as follows: Non-Crop
Asset
30,143
1.59
15,518
2.77
45,661 1.86
GAA funds supported 77.18% or CLTIP - - 126 0.02 126 0.01
Total 1,897,504 100.00 560,158 100.00 926 100.00 2,458,588 100.00
1,897,504 farmers and fisherfolk; % 77.18 22.78 0.04
Agri-Agra funds, 22.78% or
560,158; and other sources,
0.04% or 926.

Amount of Cover by Line Table 5. Amount of Cover by Line , by Souce of Fund, in Php M
Amount of Cover by Line, by Source of Fund, in Php M
Insurance
by Source of Fund. About line
GAA Agri-Agra Other Sources Total

46.19% of the total Php110.095 Rice

Php
20,509.318
%
40.33
Php
8,662.208
%
44.44
Php
127.343
%
0.32
Php
29,298.869
%
26.61
Billion cover was allocated to Corn 5,740.195 11.29 2,366.476 12.14 26.589 0.07 8,133.260 7.39
High-Vaue
the insured farmers and Crops
7,929.747 15.59 2,389.328 12.26 323.151 0.81 10,642.226 9.67

fisherfolk whose premiums were Livestock 14,825.655 29.15 5,199.243 26.68 1,296.773 3.26 21,321.671 19.37
Fisheries 409.906 0.81 196.941 1.01 67.324 0.17 674.171 0.61
paid under the GAA, 17.70% Non-Crop
1,438.564 2.83 671.208 3.44 846.010 2.13 2,955.781 2.68
under the Agri-Agra fund, and Asset
CLTIP - - 4.726 0.02 37,065.087 93.24 37,069.813 33.67
36.11% through private funds. Total 50,853.384 100.00 19,490.130 100.00 39,752.277 100.00 110,095.791 100.00
%* 46.19 17.70 36.11

Number of Claimants by Table 6. Number

Number of Claimants by Source of Fund
of Claimants by Source of Fund
Source of Fund. Among the Insurance GAA Agri-Agra Other Sources Total
734,605 claimants for damage line
Number % Number % Number % Number %
on their insured interests, Rice 414,324 71.97 109,718 72.12 546 8.06 524,588 71.41
78.37% were funded by the Corn 118,819 20.64 29,933 19.68 - - 148,752 20.25
High-Vaue
GAA allocation, 20.71% by Crops
23,741 4.12 8,150 5.36 2,107 31.10 33,998 4.63
Agri-Agra funds, and a little Livestock 13,739 2.39 3,325 2.19 1,927 28.44 18,991 2.59
less than 1% by privately paid Fisheries 3,689 0.64 413 0.27 9 0.13 4,111 0.56
Non-Crop
premiums. The division by Asset 1,381 0.24 94 0.06 601 8.87 2,076 0.28
claimants by source of fund and CLTIP - 504 0.33 1,585 23.39 2,089 0.28
4 by line are in Table 6.
Total
%*
575,693 100.00 152,137 100.00
78.37 20.71
6,775 100.00
0.92
734,605 100.00
 HIGHLIGHTS OF OPERATION | 7

Amount of Claims by Table 7. Amount

Amount of Claims byofSource of Fund
of Claims by Source Fund
Source of Fund. Of the Insurance GAA Agri-Agra Other Sources Total
line
Php 4.030 Billion paid out in Php % Php % Php % Php %
indemnity by the PCIC, about Rice 2,045.003 66.93 567.142 65.45 7.425 6.84 2,619.570 65.00
Corn 619.069 20.26 199.970 23.08 - - 819.039 20.32
75.81% came from the GAA, High-Vaue
148.663 4.87 43.245 4.99 22.204
Crops 20.46 214.111 5.31
21.50% from Agri-Agra funds, Livestock 184.106 6.03 39.376 4.54 30.084 27.72 253.566 6.29
and 2.69% from the commercial Fisheries 38.366 1.26 4.277 0.49 0.659 0.61 43.302 1.07
Non-Crop
payments made. The allocations Asset
20.017 0.66
1.891 0.22 5.009 4.62 26.916 0.67
by line by source of fund are in CLTIP - - 10.662 1.23 43.132 39.75 53.794 1.33
Total 3,055.223 100.00 866.562 100.00 108.513 100.00 4,030.298 100.00
Table 7. %* 75.81 21.50 2.69

Damage and Loss Ratios.

Table 8. Damage Ratios
These are important indicators
of the health of insurance Damage Rate
Insurance line Amount of Cover Indemnity
(%)
operations. In 2021, the damage Rice 29,298.869 2,619.57 8.94
ratio for all lines averaged Corn 8,133.260 819.04 10.07
3.66%. This was computed High-Vaue Crops 10,642.226 214.11 2.01
as the proportion of amount of Livestock 21,321.671 253.57 1.19
Fisheries 674.171 43.30 6.42
indemnity over amount of cover
Non-Crop Asset 2,955.781 26.92 0.91
multiplied by 100. Rice and corn CLTIP 37,069.813 53.79 0.15
have the greatest damage ratios Total 110,095.791 4,030.30 3.66
at 8.94% and 10.07%. Only
corn had two-digit results.
Table 9. Loss Ratios
The average loss ratio,
Insurance line Premium Indemnity Loss ratio
computed as a ration of
Rice 2,933.954 2,619.57 0.89
indemnity paid over premium Corn 832.283 819.04 0.98
generated, stands at 0.79%. High-Vaue Crops 444.125 214.11 0.48
Fisheries posted the highest Livestock 711.456 253.57 0.36
loss ratio at 1.01 due to the Fisheries 42.672 43.30 1.01
loss of fishing boats and fishing Non-Crop Asset 50.356 26.92 0.53
CLTIP 71.121 53.79 0.76
paraphernalia. Total 5,085.967 4,030.30 0.79

Insurance Performance vs. according to the National Irrigation

Administration, in some provinces.
2020 Outputs
Successive typhoons in some rice province
In terms of the number of enrolled farmers
exacerbated the situation, as did the
and fisherfolk, 2021’s accomplishment
decrease in loan releases by the Land
was 8.65% more than the previous year’s.
Bank of the Philippines under the ACEF
This means that we added 267,289 more
program. The 15.46% reduction in corn
enrollees during the year.Except for rice
insurance enrollment was due to the fewer
and corn, all other insurance lines gained
number of corn farmers, specially among
during the year.The 5.42% reduction
the PCIC’s usual clients, who engaged in
in rice insurance enrollment can be
the crop due to declining prices. Greatest
attributed to delayed planting due to
gainers among the lines were livestock and
drought and insufficient water supply,
non-crop agricultural asset lines, which
5
 8 | ANNUAL REPORT 2021

posted hefty 64.8% and 41.92% growth,
respectively. The dramatic increase in
the livestock insurance line was due to
the aggressive implementation of the
swine mortality insurance program, which
provided cover for investments in hog farms
amid the risks of the African Swine Fever
(ASF), as well as the dispersal of cattle,
carabao and goat as alternative livelihood
for areas and farmers who have been
affected by the ASF.
Apart from the increased awareness for this
insurance line, the significant growth can
be attributed to the coverage of property
floaters dispersed by the DA to the LGUs
and insurance coverage of loan releases
under the ACEF for farm machineries and
equipment. Consistent with the negative
growth rate in rice and corn, the hectarage
of operational farms decreased by 4.76%
and 14.74%, respectively.
Table 10. Performance by Key

No. of Farmers Object of Insurance Am

Insurance vs. 2020 vs. 2020
December December December December Decem
Line 2021 2020
%Inc./
2021 2020
%Inc./
202
(Dec) (Dec)
Rice 1,209,572 1,278,887 (5.42) 1,366,504 1,434,755 (4.76) 29,29
Corn 360,102 425,977 (15.46) 405,759 475,920 (14.74) 8,13
Rice & Corn
1,569,674 1,704,864 (7.93) 1,772,263 1,910,675 (7.24) 37,43
Combined
HVC 295,785 284,799 3.86 292,454 320,359 (8.71) 10,64
Livestock 610,330 370,346 64.80 2,376,970 1,306,611 81.92 21,32
Fisheries 17,428 15,006 16.14 3,155 3,067 2.87 67
NCI 51,718 36,442 41.92 7,179 6,151 16.71 2,95
CLTIP 812,605 678,794 19.71 280,005 242,330 15.55 37,06
Total 3,357,540 3,090,251 8.65 110,09

On the number of claimants, it was

35.16% more than the previous Table 11. Number of Claimants
year’s. Highest growth in this indicator No. of Farmers
was 211.71%, in the non-crop asset Insurance
December December % Inc./ Decem
insurance line. Next highest was Line
2021 2020 (Dec)
101.22% turned in by the fisheries 524,588 353,409 48.44
Rice
line. It was followed by livestock with
Corn 148,752 147,583 0.79
94.06%. In terms of indemnity, fisheries,
livestock and non-crop asset insurance Rice & Corn
673,340 500,992 34.40
line were the top gainers in the amount Combined
paid out, with over 163%, 110% and HVC 33,998 28,398 19.72
106%, respectively. The series of Livestock 18,991 9,786 94.06
typhoons that occurred during the year Fisheries 4,111 2,043 101.22
certainly caused this development in 2,076 666 211.71
NCI
the fisheries and non-crop asset lines
CLTIP 2,089 1,628 28.32
while the ASF figured prominenty in the
growth in payment in the livestock line. Total 734,605 543,513 35.16 4,03
Increase (Decrease) - (2021 vs 2020)
6
 HIGHLIGHTS OF OPERATION | 9

The same was experienced by the High-
Value Crop line which dropped by 8.71%,
despite the 3.86% growth in number of
farmers insured. Object of insurance in the
other lines showed very significant double
digit growth rates, except fisheries which
turned in 2.87% only.
The amount of insurance cover allocated
followed the growth patterns of the object
of insurance by line.
This pattern held for premium generation,
as well. In the latter, NCI, despite exhibiting
growth in the other indicators, joined rice,
corn and HVC in the list of which turned in
lower premiums compared to the preceding
year. Premium in livestock insurance spiked
by 88% on the drive to get all hog farms
not yet affected by ASF to secure insurance
protection. Fisheries and CLTIP each
contributed about 16% increase.

Indicators, 2021 vs. 2020

ce Amount of Cover (Php M) Premium (Php M)

vs. 2020 vs. 2020 vs. 2020
December December December December
%Inc./ %Inc./ %Inc./
2021 2020 2021 2020
(Dec) (Dec) (Dec)
(4.76) 29,298.869 30,602.170 (4.26) 2,933.954 3,061.885 (4.18)
(14.74) 8,133.260 9,049.613 (10.13) 832.283 937.691 (11.24)
(7.24) 37,432.129 39,651.783 (5.60) 3,766.237 3,999.576 (5.83)
(8.71) 10,642.226 13,158.688 (19.12) 444.125 555.315 (20.02)
81.92 21,321.671 9,471.250 125.12 711.456 378.268 88.08
2.87 674.171 590.533 14.16 42.672 36.595 16.61
16.71 2,955.781 2,331.804 26.76 50.356 51.421 (2.07)
15.55 37,069.813 29,387.532 26.14 71.121 61.008 16.58
110,095.791 94,591.589 16.39 5,085.967 5,082.182 0.07

and Claims Paid, 2021 vs. 2020

Indemnity (PhP M) Damage Rate Loss Ratio

% Inc./ December 2021 December % Inc./ 2021 2020 2021 2020
(Dec) 2020 (Dec)
48.44 2,619.570 2,103.960 24.51 8.94 6.88 0.89 0.69
0.79 819.039 655.459 24.96 10.07 7.24 0.98 0.70

34.40 3,438.608 2,759.419 24.61 9.19 6.96 0.69 0.69

19.72 214.111 145.808 46.84 2.01 1.11 0.48 0.26
94.06 253.566 120.604 110.25 1.19 1.27 0.36 0.32
101.22 43.302 16.445 163.31 6.42 2.78 1.01 0.45
211.71 26.916 13.050 106.26 0.91 0.56 0.53 0.25
28.32 53.794 41.310 30.22 0.15 0.14 0.76 0.68
35.16 4,030.298 3,096.635 30.15 3.66 3.27 0.79 0.61
0.39 0.18
7
 10 | ANNUAL REPORT 2021

PCIC Regional Information,

Marketing and Education
(PRIME) Program

In support of the agricultural insurance with private individuals and business entities and
during trade exhibits and caravans or roadshows.
program, the PCIC has crafted and
implements a communication program
As configured, PRIME is a communication
called the PRIME. As all communication
framework and toolkit, from which the head
programs do, PRIME aims to foster
office units and the regional offices of the PCIC
awareness, knowledge and understanding
may draw ideas to customize their local PRIME
of the PCIC as an institution and its
programs, consistent with the communication
mandates as well as agricultural insurance,
situation and needs in their respective milieu.
in general, and PCIC’s various agricultural
insurance lines, in particular, and its
In 2021, the PRIME program produced and
beneficial impacts to agricultural and
distributed 141,804 pieces of various print
fisheries production and development and
materials that include insurance program
the welfare of the farmers, fisherfolk and
brochures, tarpaulin streamers, and posters.
other agricultural producers.
It facilitated the sponsorship and guestings of
In the end, PRIME aims to influence all
PCIC officials and staff in 280 episodes of local
eligible stakeholders to participate in these
radio and televisions programs. It conducted
insurance programs and get their farming
7,494 orientation forums on PCIC products and
and fishing investments protected.
processes attended by some 333,392 participants,
and 620 seminars for insurance partners from
All other stakeholders are enticed to
government and private sectors, attended by
provide support by acting as information
some 4,065 participants. In the latter, updates on
channels for agricultural insurance and
insurnace guidelines are discussed and issues and
partners in the various processes in the
concerns threshed out.
insurance value chain, particularly as
insurance underwriters or adjusters.
Some 607 customized insurance proposals were
prepared and presented to private individuals and
PRIME features the deployment of both
business groups. Finally, mass marketing pitches
mediated and non-mediated communication
were conducted in 1,763 local forums, products
strategies that includes production and
exhibit-caravans and trade fairs.
dissemination of print, audio-visual, multi-
media materials; sponsorship or guestings
The deployment of the PRIME has resulted in
in local radio and television programs by
the continued growth and maintenance of the
officers and staff; conduct of orientation
nationwide public-private agricultural insurance
and special-topic seminars for the farmers
partnership the PCIC has built and nurtures
and fisherfolk and insurance partners from
through the years.
government and the non-government
sectors; and conduct of marketing pitches

8
 HIGHLIGHTS OF OPERATION | 11

The partnership, which promotes

awareness for and appreciation of
the benefits of agricultural insurance,
and advocates enrollment in the PCIC
programs, consists of government and
private sector institutions and includes
regional offices of the national government
agencies (NGAs), local government units,
private lending institutions, cooperatives,
farmers and fisherfolk associations and
local radio and television stations and their
broadcast staff.

A critical part of this partnership is

the participation of the municipal and
city LGUs and PCIC targets forging
partnerships will all of them, most
especially at the municipal and city levels.

PCIC has targeted to engage 100% of the

total 1,634 cities and municipalities in the
country within the medium term starting in
2017. At end of 2021, we have covered
about 90.45% or 1,478 of these LGUs.

9
 12 | ANNUAL REPORT 2021

I Financial results of
operations
In 2021, the PCIC adopted the Philippine
Financial Reporting Standards (PFRS) 4
which is aligned with the international
financial reporting standards for insurance
firms. Among its features, PFRS4 requires
insurers to keep insurance liabilities in its
statement of financial position (balance
sheet) until they are discharged, canceled
or expired.

This financial report incorporates

the valuation of reserves or liabilities
as determined by the Insurance
Commission (IC)-accredited actuarial firm,
ActurialExponents, Inc., contracted to assist
the agency in the actuarial review of our
recent operations.
For the year ended December
31,2021,PCIC has earned a net income of
Php 309.71 million. It is 65.61% less than
the restated Php 906.66 million income in
the same period last year.

Premiums earned amounted to Php 5.298

billion or 16.98% higher compared to
Php 4.529 billion in December 2020.
Indemnities paid amounted to Php 4.03
billion or 30.15% higher compared to Php
3.096 billion in 2020.

Operating expenses totaled Php 782.22

million, 10.89% higher compared to Php
709.93 million in 2020. The bulk of the
increase in the operating expenses is the
hiring of additional job orders to perform
claims adjustments due to the volume of
claims.

PCIC’s total assets increased by 34.17%

compared to the same period last year, or
from 5.936 billion in 2020 to Php 7.965
billion this year.

The main increase was due to the

collection of Government subsidies
per GAA and Agri-Agra funds.

Total liabilities also increased by 64.27%

from Php 3.168 billion in 2020 to Php
105.031 billion this year.
HIGHLIGHTS OF OPERATION | 13
The main reason is again the collection
of Agri-Agra which was recorded as
trust liability and the effect of the claims
reserves as per actuarial report in 2021.
The computed underwriting income by
business lines is as follows: Php 213.783
Million in rice; negative Php 32.288 M,
corn; Php 313.777 M, high-value crops;
Php 452.058 Million, livestock; Php
15.192 Million, fisheries; negative Php
3.185 Million, non-crop assets; and Php
27.997 Million, credit and life term.

Financial ratios were favorable.

The loss ratio for the period (or the net
premiums vs indemnity) is 1:0.79 for 2021
against 1: 0.70 in 2020. Combined ratio
(Net premiums vs indemnity, Underwriting
and Operating Expense) was 1:0.96 in
2021 against 1:0.87 in 2020.

Expense Ratio (net premiums vs operating

expense) was 1:0.15 in 2021 against
1:0.16 in 2020.

Finally, profitability ratio (Premiums +

other income vs Indemnity, underwriting
and operating expense) was 1 : 0.94 in
2021 against 1:0.81 in 2020.

PCIC likewise restated the 2020 financial

statements to consider the valuation of the
actuarial reserves or liabilities.

The 2020 adjustment resulted in an

increase of Php 358.92 Million in net
income and a decrease in the total assets
and total liabilities and equity by Php
461.67 Million.

11
 14 | ANNUAL REPORT 2021

| THE BOARD
Composition
Pursuant to Presidential Decree (PD) No. 1467, as amended by PD 1733 and
Republic Act No. 8175, the powers of PCIC are vested in and exercised by its Board
of Directors which is composed of seven members. Up to September 13, 2021, the
Board was composed of the following:

Crisologo DP. Ignacio

Chairman and Board Member representing the Private Insurance Industry
Jovy C. Bernabe
Vice-Chairman, PCIC President
Cecilia C. Borromeo
Ex-Officio Board Member, Land Bank of the Philippines President
Jocelyn Alma R. Badiola
Ex-Officio Board Member, Agricultural and Credit Policy Council Executive Director
Reynan P. Calderon
Board Member representing the Luzon Farmers’ Sector
Gina C. Terencio
Board Member representing the Visayas Farmers’ Sector
Arnold B. Colama
Board Member representing the Mindanao Farmers’ Sector

With the issuance of Executive Order No. 148, s. 2021 on September 14, 2021,
PCIC’s agency attachment was transferred to the Department of Finance (DOF) and
the Board was reorganized. From September 14 to December 31, 2021, the Board has
been composed of the following:

Carlos G. Dominguez
Ex-Officio Chairperson (Department of Finance Secretary)
William D. Dar
Ex-Officio Vice-Chairperson (Department of Agriculture Secretary)
Jovy C. Bernabe
PCIC President
Cecilia C. Borromeo
Ex-Officio Board Member, Land Bank of the Philippines President
Rolando L. Macasaet
Ex-Officio Board Member, Government Service Insurance System President and
General Manager

There were two vacancies in the Board: the representative for the insurance industry
and represenatative for the marginalized famrers and fisherfolk.
12
 HIGHLIGHTS OF OPERATION | 15

Meetings and Attendance
In 2021, the Board held 21 meetings.
At the start of the year, the Board
Members agreed on the schedule of
the Board meetings for 2021.
Below is a summary of the Board
meetings prior to the reorganization
of the Board pursuant to Executive
Order No. 148, s. 2021 dated
September 14, 2021:
The Board was able to meet on 16 out of the 21
(76.19%) scheduled Board meetings for 2021.
The Board meetings were supported by the
meetings of the Board committees, which acted
as clearinghouse for the Board agenda.
For 2021, the Committee on Governance held
19 meetings while the Committee on Audit and
Risk Management had 18 meetings.

Meeting Actual Date

Board Accomplishments
1st 12 January 2021 In 2021, the Board approved several
2nd 28 January 2021 enhancements to the features of the various
3rd 09 February 2021 insurance products of PCIC.
4th 24 February 2021
5th 11 March 2021 These actions are documented as follows:
6th 25 March 2021
7th 15 April 2021 Board Resolution No. 2021-007.
8th 22 April 2021 Increase in the maximum amount of cover per
9th 06 May 2021 head for swine under the Commercial and Non-
10th 20 May 2021 commercial Livestock Insurance Program as
11th 03 June 2021 follows:
12th 23 June 2021
13th 08 July 2021 FROM: Existing TO: Recommended
14th 22 July 2021 Type/Purpose Amount of Cover Amount of Cover
(Php) (Php)
15th 10 August 2021 Fattener 8,000 10,000
16th 25 August 2021 Breeder
17th 08 September 2021 F1(First Generation) 12,500 14,500
Parent Stock 31,500 34,000
On September 24, 2021, the new Grand Parent Stock 52,500 72,500

PCIC Board held an organizational

Board Resolution No. 2021-013.
meeting.
Inclusion of the culling or destruction of swine
due to the African Swine Fever as ordered by the
One of the topics discussed and
government as a compensable peril under the
agreed upon was the schedule
Swine – Livestock Mortality Insurance Program
of Board meetings for October,
and increase in the maximum indemnity limit to
November, and December 2021.
100% from 60% of the total sum insured during
Below is a summary of the Board
periods of disease outbreak/epidemic.
meeting from October to December
2021:
Board Resolution No. 2021-016.
Implementation of the PCIC Swine Repopulation
Meeting Actual Date Insurance Program in view of the African Swine
2nd 07 October 2021 Fever.
3rd 19 November 2021
Board Resolution No. 2021-025.
4th 09 December 2021
Enhancement on the RSBSA Program by pegging
allowable amount of cover - for borrowing
farmers under the Department of Agriculture-
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 16 | ANNUAL REPORT 2021
assisted programs being implemented
by the Agricultural Credit Policy
Council’s accredited lending conduits,
to the amount of loan of all insurable
loan components.
Board Resolution No. 2021-029.
Authorizing PCIC to enter into a
coinsurance agreement with CARD-
Pioneer Microinsurance, Inc. with
the objective of offering agricultural
insurance products to farmers in
the country under a public-private
partnership pilot project supported
by the Asian Development Bank.
Board Resolution No. 2021-030.
Increase in the maximum amount of
cover per hectare for sugarcane as
follows:
Amount of Cover Limit (Php)
Type
FROM TO
Plant
65,000 76,000
Crop
Ratoon 45,000 53,000
Board Resolution No. 2021-036.
Authorizing the renewal of PCIC’s
reinsurance treaty for Non-crop
Agricultural Asset Insurance with the
National Reinsurance Corporate of the
Philippines.
Board Resolution No. 2021-043.
Setting the insurable age/lifespan limit
of 10 years for both wooden/hardwood
and fiberglass fishing boats.
Board Resolution No. 2021-060.
Enhancement on the Registry System for
Basic Sectors in Agriculture Insurance
Program by raising to three hectares
the maximum size of farmlands that
can be covered for credit-assisted and
self-financed rice and corn RSBSA-listed
farmers, provided that he/she shall pay
the full amount of insurance premium
at 10% premium rate of the amount of
cover for the excess coverage.
14
Committee
Accomplishments
PCIC has two Board Committees,
the Committee on Governance and
the Committee on Audit and Risk
Management, which were created to
assist the Board in performing its duties
and responsibilities.
The Committee on Governance assists
the Board in fulfilling its corporate
governance responsibilities. It also
covers the functions of the Committee
on Nomination and Compensation/
Remuneration. For 2021, it held 19
meetings.
Up to September 13, 2021, the
composition of the Committee on
Governance was as follows:
Chairman - Chairman of the Board
Crisologo DP. Ignacio
Members - Board Member Gina C.
Terencio
Board Member Jocelyn
Alma R. Badiola
President Jovy C. Bernabe
From September 24 to December 31,
2021, the composition of the same
committee was changed as follows:
Chairperson - Secretary Carlos G.
Dominguez
Vice-
Chairperson - GSIS PGM Roland
L. Macasaet
Member - Secretary William D. Dar
Below is a list of the accomplishments
of the Committee:
- Facilitated dialogues between PCIC
employees and Management in
order to ensure and/or maintain the
harmonious relationship between the
employees and the officers

- Conducted meetings/dialogues with
the various Regional Offices
regarding their insurance
operations, issues, and concerns
- Monitored updates on the PCIC
Performance Scorecard and
Corporate Governance Scorecard;
- Reviewed reports from the Regional
Management, Corporate Business
Affairs, and Support Services
Groups
- Reviewed the highlights of the
Management and Planning
Conferences and other seminars/
workshops conducted which are
pertinent to PCIC operations
- Ensured that PCIC adhered to
the best practices and international
standards of corporate governance
- Reviewed reports on PCIC’s
investments
- Monitored PCIC’s swine insurance
in view of the African Swine Fever
situation
- Reviewed PCIC’s proposed
Corporate Operating Budget for FY
2022
- Reviewed PCIC’s reinsurance plans
- Reviewed PCIC’s adjusted financial
statements for FY 2020 using PFRS 4
- Reviewed the updated PCIC
Operations Manuals
- Recommended that the members
of the Board and senior officers
attend professional education
programmes and/or training
programs
HIGHLIGHTS OF OPERATION | 17
- Reviewed the succession plan for
executive/senior positions in view
of the retirement of senior officers in
the coming years
The Committee on Audit and Risk
Management assists the Board in fulfilling
its oversight responsibilities on internal
audit and control, risks faced by the
Corporation, and compliance with
applicable laws and regulations. For 2021,
it held 18 meetings.
Up to September 13, 2021, the
composition of the Committee on Audit
and Risk Management was as follows:
Chairman - Board Member Arnold B.
Colama
Members - Board Member Reynan P.
Calderon
Board Member Cecilia C.
Borromeo
From September 24 to December 31,
2021, its composition was changed,
as follows:
Chairperson - LBP President Cecilia C.
Borromeo
Vice-
Chairperson - Secretary William D. Dar.
Member - GSIS PGM Rolando L.
Macasaet
Below is the list of the accomplishments of
the Committee:
- Monitored the development and
improvement of various PCIC
Information Technology Systems;
- Monitored PCIC’s compliance with
the Data Privacy Act of 2012;
- Reviewed the internal audit reports
and gave recommendations in order to
address the audit findings;
15
 18 | ANNUAL REPORT 2021
- Reviewed the results of audits conducted by TUV Rheinland and the Commission on
Audit (COA) and gave recommendations in order to address them;

- Reviewed the reports on the status of PCIC’s investments

- Monitored updates on the legal cases involving PCIC;

- Monitored updates on PCIC’s compliance with the recommendations of the Insurance

Commission; and

- Oversaw and approved the movement (appointment, resignation, designation, etc.) of

officers and personnel in the Internal Audit Services Department.

Corporate Secretary
From January 1 to September 24, 2021, PCIC’s corporate secretary was Atty. Roland
A. Tulay. He is a graduate of the University of the Philippines College of Law and was
admitted to the Philippine Bar on May 25, 2001. He also works for the Department of
Agriculture as Attorney V (Chief, Litigation and Adjudication Division).

From September 24, 2021 to December 31, 2021, Atty. Joyce M. Briones took on the task.
She graduated from the Ateneo de Manila University School of Law and was admitted
to the Philippine Bar on May 2, 2008. She also works for the Department of Finance as
Director III of the Legal Affairs Office.

16
 HIGHLIGHTS OF OPERATION | 19

Partnerships
and Linkages
PCIC expanded its reach in the countryside through innovative collaboration
with various key entities in the community to further improve the delivery of
agricultural programs and services.

For the year 2021, the Regional Offices established a total of 3,799
and linkages, or an increase of 15.82% from 3,280 in 2020, with different
government agencies, institutions, local government units, cooperatives, farmers’
associations/organizations, microfinance institutions, and local radio stations.
Below is the summary in number of network and linkages established per region.

REGIONAL GA LI LGU COOP FFA/FFO MFI LR TOTAL

OFFICE
I 0 6 173 8 0 6 0 193
II 20 13 119 227 194 3 7 583
III 11 2 90 51 113 10 0 277
IIIA 11 7 40 95 212 4 0 369
IV 6 8 202 50 122 5 0 393
V 13 24 114 29 17 3 0 200
VI 21 10 133 52 29 2 1 248
VII 15 13 132 63 261 2 4 490
VIII 12 9 143 21 347 2 8 542
IX 8 2 89 28 5 0 1 133
X 6 2 123 10 4 2 7 154
XI 9 5 68 24 16 4 2 128
XII 8 7 52 9 9 3 1 89
TOTAL 140 108 1478 667 1329 46 31 3799
LEGEND:

GA – Government Agencies COOP - Cooperatives

LI – Lending Institutions MFI – Microfinance Institutions
LGU – Local Government Units LRS – Local Radio Stations
FFA/FFO - Farmers/Fisherfolk’s Associations

PCIC inked a partnership agreement with the Land Bank of the Philippines (LBP) on the use of the latter’s cash card system for check-free disbursement
of insurance payments due to loss or damage of the insured farmers’ and fisherfolks crop and non-crop assets or loss of life and limb. Using the cash
card, PCIC’s insurance clients can collect indemnity payments through any of the LBP ATMs nationwide.

Shown from left during the signing ceremony are: PCIC Vice President Segundo H. Guerrero, PCIC President Jovy C. Bernabe, LBP President and CEO
and PCIC Board Member Cecilia C. Borromeo, LBP Senior Vice President and Head of Card and e-Banking Group Randolph L. Montesa and LBP
Senior Vice President Marilou Villafranca.

17
 20 | ANNUAL REPORT 2021

| STAKEHOLDER ENGAGEMENT
Engaging the stakeholders around the
country is a regular undertaking for
the agency’s various units, but most
especially the Regional Offices. These JANUARY
meetings and various other interactions PCIC and Landbank Region
away from the agency’s offices are a way 7’s Strategic Planning session PCIC, LandBank
of informing these stakeholders about conducted on January 7, 2021 Region 7 seek
focused on how agricultural
ongoing developments in terms of the insurance can be delivered ways to improve
insurance products and related services. more quickly and efficiently, service
despite the challenge of the
Among the farmers and fisherfolk who ongoing coronavirus disease
are insured, the important information (COVID-19) pandemic.
shared are changes in product policies
and fulfillment of claims for damages.
Among other insurance partners, like the
LGUs, coops and lending institutions,
the communication that takes place
involve an assessment of how the
working arrangements have been and
how to make them better. These serve the
purpose as well of strengthening the ties
that have been built over the years.

These activities are done year round.

Some of the significant engagements in
2021 included the piloting of the use
of the LBP cash cards for those insured
by PCIC in Region XII. The cash cards
are like ATM cards that do not require
retention money, and are used as channel
for the payment of successful claims for
damages from the PCIC. They provide the
advantage of doing away with checks and
the concomittant travel cost for collecting
and encashing the checks. The other was
the contract signing for the continued
partnership with Negros Occidental
LGU for the insurance coverage of its
agriculture and fisheries constituents.
Iligan City Council Agriculture
and Food Committee Chair
Iligan City Sorilie Christine Bacsarpa
farmers, pledged part of her office’s
fisherfolk to funds to fully subsidize
insurance premiums, especially
receive aid for the city’s fisherfolk.
on insurance Bacsarpa made this
commitment to PCIC RO 12
premium officials during a meeting on
January 14, 2021.

The following are some of this year’s

stakeholder engagements arranged
chronologically by month.

18
 HIGHLIGHTS OF OPERATION | 21

FEBRUARY
PCIC Regional Office 12 distributed The PCIC and the provincial
from February 16 to 20, a total of Sultan PCIC, government of Negros
P8.956 Million to farmer-beneficiaries Kudarat, Negros Occidental agreed to provide
from six municipalities in Sultan Cotabato Occidental subsidy for agricultural
Kudarat and Cotabato. Recipients farmers insurance for farmers and
came from the municipaliites of
agree to fisherfolk. This, after PCIC
receive continue President Jovy Bernabe and
Lambayong, President Quirino,
Bagumbayan, Esperanza, Lutayan,
P9M agriculture Negros Occidental Governor
and Colombio in Sultan Kudarat and indemnity Eugenio Lacson signed a
Tulunan in Cotabato.
insurance memorandum of agreement in
subsidy the Governor’s Office on April
14, 2021.

MARCH The re-orientation was held from

Fisherfolk from Calapan City and
Calapan their boats will get fire insurance.
fisherfolk This, after the PCIC and the city
receives government of Calapan signed a
Memorandum of Agreement at
free the Plaza Pavilion in Calapan on
insurance March 5, 2021.
PCIC re-
April 27 to 28, 2021, with the
group divided between the north orients
and south clusters. Participants Cebu local
were given updates on the
beneficiaries registered in the executives,
Registry System for Basic Sectors farmers on
in Agriculture (RSBSA). RO7 also insurance
awarded certificates of recognition
and tokens to the three top LGU programs
per cluster.

MAY
RO7 employees participated in a four-
APRIL PCIC day training conducted by the Bureau
The PCIC handed out Region of Fisheries and Aquatic Resources
insurance policies to fisherfolk on February 4 & 5, 2021 and May
Silay fisherfolk Office 7 19 & 20, 2021. They were taught the
from the City of Silay. Negros
Occidental. The policies get P1.3M receives culture and management of bangus,
provide protection to fishing boat insurance training tilapia, groupers, and seaweeds. This
boats. These were distributed technical knowledge will be useful
from PCIC from in their assessment and processing of
at the Jose C. Locsin Cultural
and Civic Center on April 7, BFAR insurance claims of fish raisers and
2021. entrepreneurs.

19
 22 | ANNUAL REPORT 2021

JUNE
The PCIC handed out insurance policies to fisherfolk
from the city of Silay. Negros Occidental. The Agriculture Secretary William Dar
policies provide protection to fishing boats. These hands out indemnity checks to
were distributed at the Jose C. Locsin Cultural and Marinduque farmer-beneficiaries.
Civic Center on April 7, 2021.

JULY
Among these are the Integrated National Swine Production Initiatives for
DA rolls out Recovery and Expansion or INSPIRE, to increase hog population; Bantay ASF
sa Barangay or BABay ASF; the availability of concessional loans from the
plan for swine LandBank of the Philippines and the Development Bank of the Philippines
industry and the swine insurance program of the PCIC. William Medrano, Agriculture
Undersecretary for livestock, discussed these programs in a virtual forum on
recovery the rolling out of the DA’s Swine Repopulation and Recovery program in
Region 10, held on July 23, 2021.

Digital tools have been vital to PCIC’s continuing operations amid the
pandemic. PCIC’s Business Development and Marketing Department PCIC pursues
Officer-in-Charge Manuel Cortina said that among the tools are digitalization
smart phones that help cut field time, and the partnership with the
Development Bank of the Philippines that lets PCIC use the multi- of processes
channel disbursement facility for faster and more efficient release of amid COVID-19
claims. Cortina was the resource person in an episode of a webinar pandemic
series hosted by the Xavier University College of Agriculture on July 9,
2021.

20
 HIGHLIGHTS OF OPERATION | 23
PCIC Regional Office 12
Midsayap Manager Marissa Agudera and
LandBank of the Philippines
farmers
Midsayap Branch Manager Nora
can Alabat signed a memorandum
receive of agreement (MOA) on July 13,
2021. Under the MOA, PCIC
indemnity can use Landbank’s cash card
using facility in paying indemnity for
crop damages of farmers. John
Landbank
Adrian Cornejo, COD III-AFD,
Cash Card signed as a witness for PCIC.
The Philippine Crop Insurance
Corporation Regional Office 4
PCIC
distributed indemnity checks
gives half amounting to P480,603 to 68
insured farmers in Sta Maria,
million-
Laguna. This comes after their
peso crops and livestock were affected
indemnity by natural calamities, pests, and
diseases. Sta. Maria Mayor Cindy
to Sta.
Carolino and PCIC RO 4 Marketing
Maria and Sales Chief Emmylou Pascual
led the distribution which was held
farmers
at the Municipal Plaza on July 19,
2021.

Farmers and fisherfolk in

Agusan del Norte will have
greater access to agricultural
extension services. This,
after the Department of DA
Agriculture launched the
province-led Agriculture strengthens
Four hundred twenty-
and Fisheries Extension agriculture one farmer-claimants of
System (PAFES) on July extension Sindangan, Zamboanga del
Sindangan
19, 2021, with Agusan del Norte received indemnity farmers
Norte as the pilot province. services
The launch comes after the for Agusan checks from PCIC Regional receive
Office 9 (RO 9) on July
signing of a Memorandum del Norte 22-23, 2021. Employees of
indemnity
of Agreement (MOA) the Sindangan Municipal worth P1.131
between the DA and the farmers
Agusan del Norte provincial
Agriculturist Office assisted Million
RO 9 to ensure health
government. PCIC Regional protocols are observed.
Office 10 Manager Charlito
Brilleta expressed PCIC’s
full suppot to the PAFES.

21
 24 | ANNUAL REPORT 2021
PCIC Regional Office 6, Fifty-two rice farmers from the
represented by Mr. Glenn Carbon municipality of Katipunan,
and Ms. Hannah Sabio, turns
Zamboanga Zamboanga del Norte were
over indemnity checks worth del Norte rice given indemnity checks worth
P998,424 to Rural Bank of Miag- farmers receive P154,915 at the Office of the
ao Manager Rey Flores on July 27, Municipal Agriculturist on
Miag-ao, 2021. The checks are payments indemnity July 28, 2021.
for the insurance claims of 73 Their crops were damaged by
Iloilo onion bulb onion farmers who availed pests and disease.
farmers agricultural loans under the ACPC
receive PLEA PROGRAM. The onions
were damaged by the anthracnose
indemnity infection and by fungus. Present
during the turnover were Miag-
ao Municipal Agriculturist Ma.
Frea Monsale, Agricultural
Technician and the focal person
on bulb onion production April
Joy Depamaylo, and Risk Officer
Noragen Fines.
One hundred thirteen corn,
high value, and livestock PCIC
farmers from the Municipality Regional
of Jose Dalman, Zamboanga Office 9
del Norte received indemnity
checks worth P309,495 on hands out
July 29, 2021. The distribution indemnity to
was made possible with the Jose Dalman
assistance of the Office of
Municipal Agriculturist. farmers

PCIC Regional Office 9

distributed checks to 596 Siocon,
beneficiaries from July 27-
29, 2021. PCIC municipal
Zamboanga
focal person Wilfredo del Norte
Ucab Jr., Municipal farmers receive
Administrator Henry Mark
P2.599 Million Two hundred sixty-
Casocot, and Municipal PCIC Regional nine farmers were
Agriculturist Maribec indemnity
Mejos led the distribution. Office 9 distributes awarded indemnity
checks on July
P1.188 Million 29, 2021. This
to Kumalarang amount would help
farmer- them recover from
damages on their
beneficiaries rice, corn, and high
value crops.

22
 HIGHLIGHTS OF OPERATION | 25
PCIC Regional Office 10 He comes from El
Manager Charlito Brilleta told Salvador, Misamis
swine farmers in Bukidnon PCIC urges Oriental. The province Livestock raiser
during a farmers day on July Bukidnon is still reeling from the
30, 2021, that under the swine effects of African Swine
claims indemnity
insurance program they will hog raisers check under
Fever. Thus, provincial
receive a higher indemnity to avail agriculture officials PCIC’s livestock
in case their stock becomes of swine and PCIC has been
inflicted with the African Swine encouraging livestock
mortality
Fever (ASF). PCIC has doubled insurance insurance program
owners to avail of the
the indemnification payout for program livestock insurance
every pig that contracts ASF program.
from P5,000 to P10,000.

AUGUST Officials of the PCIC Regional

The Agricultural Training PCIC, DAR Office 10 and Department
Institute-International Training of Agrarian Reform Region
Center for Pig Husbandry (ATI-
Region 10 10 looked to strengthen their
ITCPH) in Lipa City, Batangas, look to partnership and process
availed of the Livestock strengthen insurance applications and
Mortality insurance program of claims more efficiently, as
the Philippine Crop Insurance partnership discussed in a meeting on the
ATI
Corporation. The insurance for agrarian Annual Investment Program of
covers 70% of the animal’s cost both offices.
Center at time of purchase, but should
reform
insures not exceed P14,500 for F1, beneficiaries
P34,000 for parent stock and
hogs with P72,500 for grandparent stock.
PCIC Padilla, together with ATI-ITCPH
Farm Manager Marique Sison
and Administrative Officer
V Jackielyn Garlet discussed
the underwriting and claims
procedure for swine insurance
with Emmylou Pascual,
Marketing and Sales Chief of
PCIC Regional Office 4 on
August 1, 2021.

23
 26 | ANNUAL REPORT 2021
Farmers from Barangays San Vicente, Calpidong and Datal Bukay
in Sarangani Province were given an orientation and opportunity PCIC Region 11
to avail of the Corporation’s insurance products from August 10 conducts information
to 12, 2021. The activities were carried out with the cooperation
of the Office of the Municipal Agriculturist of Glan, the Sarangani
drive and mass
office the Provincial Agriculturist and the Provincial Veterinary enrolment in Sarangani
Office and the concerned barangay officials. Health protocols province
were observed to ensure the safety of participants.

The Philippine Crop Insurance

Corporation Regional Office 1
held a blessing ceremony for its
new La Union provincial office
on August 13, 2021. The new
PCIC office is at the newly renovated
ABC building in San Juan, La
opens Union. In attendance were San
provincial Juan Mayor Arturo Valdriz, La
office in Union Provincial Agriculturist
Ramon Laudencia, La Union
La Union League of Municipal Agriculturists
President Rizalina Quiros, San
Juan Municipal Agriculturist
Margarita Guinomma and staff,
and Fr. John Errol Mantes, who
officiated the blessing.

Regional Office 12
Marketing Services
Chief Gracia Salloman
discussed PCIC
programs on the PCIC programs
School On-Air in
Smart Rice Agriculture go on air in
on August 17, 2021. Region 12
Broadcast was done
via Good Vibes Radio
of the Agricultural
Training Institute
Region 12.

24
 HIGHLIGHTS OF OPERATION | 27
The Philippine Crop
Insurance Corporation
Regional Office 1 and the
municipal government of
Sual, Pangasinan agreed
to provide subsidy for
agricultural insurance
PCIC, Sual
for eligible farmers
executives and fisherfolk in the
ink MOA municipality. This, after
RO 1 Manager Raul Servito
to provide and Sual Mayor Mayor
agriculture Liseldo Calugay signed a
insurance memorandum of agreement
at the Sual Municipal
subsidy Hall on August 23, 2021.
Municipal Agriculturist
Florencia Guanzon,
Municipal Legal Officer
Mageryl Shay De Guzman
and RO1 Claims Chief Jaime
C. Gomez were present to
witness the signing.
Philippine Crop Insurance
Corporation (PCIC) and the
Department of Agrarian
Reform (DAR) offices in
Region 1 strengthened
cooperation to make
more agrarian reform PCIC
beneficiaries (ARBs) aware Regional
of the Registry System for Office 1
Basic Sector in Agriculture
(RSBSA). This was stressed underscores
by PCIC representatives in a importance of
meeting with DAR and ARB small farmers
Organization underwriters
and fieldworkers held at San registry
Fernando City, La Union on
August 31, 2021. Present
in the meeting were PCIC
Extension Office-La Union
Supervisor Florence Agpawa,
Lea Coloma of Department
of Agriculture Regional Field
Office I, and representatives
from the different Provincial
Agrarian Reform offices.

SEPTEMBER
Remegio Tradio a 61-year-old fisherman from Minglanilla town in Cebu,
Senior Cebuano received an indemnity check worth P21,300 from the Philippine Crop
fisherman Insurance Corporation Regional Office 7.
receives The indemnity was given after his boat was totally damaged by typhoon
Dante, which ravaged Cebu in June. ‘He is a beneficiary of the province’s
indemnity for Agri-fishery Insurance Program, in which the provincial government gives
damaged boat 100% subsidy on the insurance premium of farmers and fisherfolk within its
jurisdiction.

25
 28 | ANNUAL REPORT 2021

Twenty-two farmers received a total of P98,850 worth of

indemnity checks on September 22, 2021. Present during the Asuncion, Davao del
distribution were Luzon farmers’ board representative Reynan
Calderon, were Asuncion Mayor Eufracio Dayaday Jr., PCIC Norte farmers receive
Mindanao farmers’ board representative Arnold Colama, PCIC indemnity
Region 11 Officer-in-charge Rosalina Grabulan and Marketing
Services Chief Gracia Salloman.

Sibalom farmers receive

more than half a
million-peso indemnity

PCIC Regional Office 6 distributed indemnity checks worth P512,777 to 97 farmers in the town of
Sibalom, Antique on September 24, 2021. Insurance underwriters Joan Montecastro and Jovanie
Sefulan, and Administrative Assistant Anjanette Kristine Erecre led the distribution. Thirty-one swine
farmers also availed of PCIC’s Swine Insurance during the said activity.

OCTOBER

Sagay City
farmers
receive over
P0.3 Million
indemnity.

Seventy-seven farmers from Sagay City received indemnity checks amounting to P309,000 from PCIC
Regional Office 6. PCIC insurance underwriter Charlon Melendres and City Agriculturist Julie Delima
led the distribution. They also conducted an orientation on the Swine Mortality insurance program and
the RSBSA free insurance program.

26
 HIGHLIGHTS OF OPERATION | 29

PCIC orients
Braulio E. Dujali,
Davao del Norte
executives
on agency’s
programs

PCIC Regional Office 11 Officer-in-Charge Rosalina Grabulan and Marketing Services Chief Gracia
Salloman discussed the agency’s insurance products with Braulio E. Dujali, Davao del Norte Mayor
Leah Marie Romano, Municipal Administrator Joelito Juriana and Municipal Agriculturist Joey Ariola.
The agency reaches out to local government executives to strengthen ties and cooperation in delivering
services for farmers and fisherfolk.

The distribution of checks was led by PCIC’s Ms.Nikita Basug, and supported PCIC gives out
by the Municipal Agriculture Office, headed by Officer-In-Charge Magdalena indemnity claims
Capioso on October 20, 2021. The farmers’ crops were damaged by pests
and diseases. In attendance were Sta. Barbara Mayor Rema Somo and
to farmers from
Sangguniang Bayan members Christine Marie Robles, Rowena Silvederio and Sta. Barbara,
Dennis Octaviano. Mayor Somo assured farmers that the local government Iloilo
will continue to support programs that will benefit them.
Regional Office 1, released indemnity payments
worth P5.821 Million to One Hundred Eighty-Eight
(188) African Swine Fever or ASF-affected backyard
hog raisers of Ilocos Norte on October 7, 2021.
RO 1 Manager Raul Servito led the distribution in
Barangay Poblacion, Solsona town.

In attendance were Gov. Matthew Joseph Manotoc,

PCIC pays P5M indemnity to ASF-
affected Ilocos Norte hog raisers
Provincial Veterinarian Loida Valenzuela, House
Committee on Agriculture Vice Chairman Rudy
Caesar Fariñas I, Solsona Mayor Joseph De Lara
and municipal agriculturists from the recipient
municipalities.

27
 30 | ANNUAL REPORT 2021

PCIC insurance underwriter NOVEMBER

Dan Adriel Baldove and
La Castellana Mayor
Rhummyla Mangilimutan
spearheaded the distribution
of P1.645 Million to 491
farmers on October 29,
2021. Mayor Mangilimutan
emphasized the importance
of crop insurance and urged
them to encourage fellow
farmers to avail of free
insurance for those included
in the Registry System for
Basic Sectors in Agriculture.
PCIC Business Development and
Marketing Division officer-in-
PCIC charge Manuel Cortina, officials
distributes PCIC visit pilot
from PCIC Regional Office 3
and representatives from PULA
P1.64M farm for area Company headed by Mr. Alex
indemnity to yield index Cordero, Mr. Dante de Lima,
La Castellana, insurance in
and Mr. Policarpio Aller visited
farms in barangays Lamorito
Negros Nueva Ecija and Sta. Ana in Guimba town
Occidental in Nueva Ecija. The identified
farmers farms were subjected to crop
cut experiments to develop area
yield index Insurance including
premium pricing and payment of
claims.

A total of 227 farmers and

PCIC fishers from the Ibahay,
distributes Malinao and Kalibo towns
in Aklan received more
P1.1M than P1.123 Million in
indemnity indemnity. PCIC RO 6
to Aklan Manager Eva Ulie Laud said
PCIC hopes this indemnity
farmers in helps farmers and fishers
October with their financial needs
for their 2nd cropping
activities (November to Elizabeth Nodalo, on
April). November 4, 2021, claimed
P10,000 as benefit after
her husband rice farmer
Nepthali Nodalo passed
away. Nodalo, who was Iloilo farmer’s
from Miag-ao town in Iloilo, family gets
died while his rice crop
has not been harvested. benefit from
Farmers who insure their PCIC life
rice and corn are given a insurance
free life insurance while
the crop is still standing or
unharvested. The check
was handed out by PCIC
insurance underwriter
Hannah Sabio (left) and
Municipal Agriculturist Frea
28 Monsale.
 HIGHLIGHTS OF OPERATION | 31

Leonardo Garancho, a
loilo fisherfolk from Miag-ao town
in Iloilo, received an indemnity
fisherfolk check worth P36,000. This
gets is after his fishing boat got
indemnity damaged by a pugada (a
sudden emergence of strong
for damaged winds and waves). The check
boat was handed out by PCIC
insurance underwriter Hannah
Sabio (left) and Municipal
Agriculturist Frea Monsale.

Three hundred thirty three farmers President Roxas town in Capiz on November 5, 2021, received a
total of P1.79 Million worth of indemnity checks. Their rice and corn crops were damaged by flooding
and lodging, pests and diseases. The distribution was led by PCIC Extension Office-Capiz Head Melvin
Vego together with Jeomar Maximo and Agnes Liba. Also in attendance was President Roxas Mayor
Receliste Escolin.

Capiz farmers
receive
P1.79M
indemnity

One thousand four hundred

seventy nine farmers from
Sara and Lemery towns
in Iloilo received P6.923
Million indemnity. Their
PCIC gives checks were distributed
P7M worth of on November 5, 2021. A
indemnity to check was also delivered
to rice farmer Ms. Leteia
Iloilo farmers Bacud, 72 years old, from
Barangay Buenavista,
Lemery. The delivery and
distribution event were
conducted by the PCIC
Regional Office 6 Marketing
and Sales division.
PCIC Insurance
Underwriter Rey
PCIC Homerez spearheaded the
distributes distribution in Dumarao
town in Capiz on
P6.099M November 6, 2021.
indemnity to A total of P6.099 Million
Capiz famers were given to 995 rice and
corn farmers, Their farms
were damaged either by
the recent typhoons, or pest
and disease infestation.
29
 32 | ANNUAL REPORT 2021

Guimaras
farmers receive
P4.244M
indemnity

Guimaras farmers from San Lorenzo and Buenavista towns on November 11 and 12 received P2.463
Million and P1.781 Million indemnity, respectively. Two hundred ninety six farmers were from San
Lorenzo; 220 were from Buenavista. The distributions were spearheaded by PCIC insurance underwriters
Heide Obsilla and Arman Pajotea. In attendance were San Lorenzo Vice Mayor Constantino Cordero and
municipal agriculturist Caroline Brazileno.

San Enrique
farmers
receive
indemnity
checks

One hundred farmers from San Enrique, Negros Occidental received their indemnity claims on
November 11, 2021. PCIC insurance underwriter Lea Francisco led the distribution. This was made
possible through the cooperation of San Enrique Municipal Agriculturist Marilou Penafiel, Mr. Bench
Tan, and MA office’s staff.

Tantangan
farmers receive
P0.80 Million
indemnity from
PCIC

One hundred twenty two farmers from Tantangan town in South Cotabato received indemnity on
November 16, 2021. The distribution was part of the launch of the RCEF - Rice Farmers Financial
Assistance RCEF RFFA, led by Agriculture Secretary William Dar. Present during the occasion were
local officials from South Cotabato, DA officials and members of the Regional Management Committee.

Mr. Francisco
Flores, a farmer
from Brgy.
Squash farmer Cabangila in Altavas
receives town in Aklan
indemnity Province, gets his
indemnity check
after storm. worth P34,627.This
was for the damage
caused by floods
in his one and a
half hectare squash
farm.

30
 HIGHLIGHTS OF OPERATION | 33

PCIC
releases
P5.81M
worth of
indemnity
to Iloilo
farmers
Iloilo farmers received P5.81 Million worth of indemnity checks during the first half of November.
This, indemnity checks were awarded to a total of 982 farmers in the municipalities of Guimbal,
Tubungan, Tigbauan, Igbaras, New Lucena, Maasin, Leganes and Passi.

P0.6M
indemnity
distributed
to Murcia
farmers

One-hundred fifty-four farmers from Murcia town in Negros Occidental received P601,000 worth
of indemnity checks. The distribution was led by PCIC insurance underwriter Jazzel Garsula and
supported by Murcia Mayor Gerry Rojas.

DECEMBER
Regional Office 7 -
Canlaon Extension
Canlaon Extension Office staff led by. Rene
Office conducts Ardeña assessed damage
at Brgy. Linothangan on
claims assessment December 15, 2021.
in Canlaon City They were assisted by
Canlaon Agricultural
Extension Worker/
Technician MJ Lenciano
Vergara.’
PCIC Extensiion Part of the celebration
is the selling of organic
Office- agricultural products -
Dumaguete City cultivated in the province
participates - in the organic agriculture
trade fair. PEO team head
in Negros Junriel Aba was one of the
Oriental’s honored guests during the
celebration of opening, The PEO set up
a booth and distributed
the 7th Organic brochures and leaflets, and
Agriculture answered queries about
Month. insurance products.

31
 34 | ANNUAL REPORT 2021

Regional Office
7 assesses
damage
resulting from
typhoon Odette

Banana plants in Barangay Talalak, Santa Catalina town in Negros Oriental were seen severely damaged
by typhoon Odette on December 15, 2021. Santa Catalina is the province’s banana capital, while
barangay Talalak is famous for its banana-based products.

| ORGANIZATIONAL LEARNING

The PCIC officers and employees participated in 31 various capacity-building seminars to gain knowledge and

TITLE OF TRAINING / OBJECTIVES VENUE

SEMINAR

Public Service Values in Times To enable participants to strengthen and harness the core Online
of Adversities – Batch 7 values of a Public Servant: Patriotism, Integrity, Excellence
and Spirituality, to enhance their organization’s capability in
providing exemplary public service.

COVID-19 Updates
and Orientation on the
Government’s Mass
Immunization Program
Virtual Discussion of “Through
Her Lens: The Impact of
COVID-19 on Filipino Girls
and Young Women
Support Systems and Programs
that Address Women’s/Gender
Issues and Concerns In This
Time of Pandemic
Public Service Values in Times
of Adversities – Batch 8
To raise the awareness on the new variant of COVID-19, latest Online
health protocols, and the government’s vaccination program.
To raise awareness on gender issues that emerged or became Online
more prominent during the COVID-19 pandemic.
To discuss gender issues that emerged during the pandemic Online
and the support systems that address said issues.
To enable participants to harness the core values of a Public Online
Servant: Patriotism, Integrity, Excellence and Spirituality; these
enhances the organization’s capability to provide exemplary
public service

32
 HIGHLIGHTS OF OPERATION | 35

Mabinay
farmers receive
P1.848 Million
indemnity

Two hundred twenty eight farmers from Mabinay town in Negros Oriental were given P1,848,390 on
December 16, 2021. Their crops were damaged by natural calamities, pests/diseases and livestock killed
by accidents or diseases. The distribution was supported by the Municipal Agriculture Office led by
Lelanie Malacapay and the Sangguniang Bayan of Mabinay.

further enhance their skills. Below are seminars they participated in:

PARTICIPANTS DATE SERVICE PROVIDER

Male Female
1 4 Paulita Secuya, Ma. Carisa February 9, 11, 16, Civil Service Commission
Adriatico, Evelyn Romarate, 18, 23, & 26, 2021
& Josefina Bojeador (RO7);
Mohammad Hammam Ibrahim
(RO10)
112 111 Head Office and Regional March 4, 2021 Dr. Jelvie Cabañes-Lajom,
Offices officers and employees Mariveles Mental Wellness
& General Hospital

40 29 Head Office officers and March 9, 2021 Mona Stella Mariano,

employees Plan International
Philippines

40 29 Head Office officers and March 17, 2021 Gina Rose Chan,
employees UP Center for Women’s
Studies

3 3 Verselito Buiza & Maria Janice March 9, 11, 16, 18, Civil Service Commission
Obias (RO5); Eva Ulie Laud, 23, and 25, 2021
Joseph Cajilo, Jose Ma. Torres, Jr.
& Alicia Arnaldo (RO6)

33
 36 | ANNUAL REPORT 2021
TITLE OF TRAINING /
SEMINAR
Online Learning: Facilitating
Learning Through Technology
Supervisory Development
Course
2021 FOI Receiving Officers
and Decision Makers Virtual
Hangout
Strategic Planning and Risk
Management – Batch 1
Supervisory Development
Course
Emotional Intelligence and
Leadership
Strategic Planning and Risk
Management – Batch 2
Orientation on COVID Tracer
App
Gender Analysis and Tools
Online Leave Administration
Course for Effectiveness
Re-orientation on Harmonized To continuously capacitate the PCIC GAD Focal Point System, Online
Gender and Development
Guidelines (HGDG) and
Application of the HGDG
Tool on PCIC Programs
Gender Sensitivity Orientation To continuously uphold gender
Gender-Fair Communication
and Language
GAD Legal Mandates
34
OBJECTIVES VENUE
To take a more active approach in learning through the use of Online
online technologies.
For supervisors to learn how to manage people in the Online
organization
To review the process of handling FOI requests and discuss Online
updates
To identify various levels of strategy and the right response to Online
an identified risk
For supervisors to learn on how to manage people in the Online
organization, in line with moral governance
To uncover the power of emotional intelligence (EI) in Online
leadership, and outline ways leaders can leverage EI skills for
success
To identify various levels of strategy and apply the right Online
response to an identified risk
To aid in the management of COVID-19 cases by reminding Online
people of the health and safety protocols.
To identify gender issues and design strategies to address Online
them.
To enhance the capabilities and competencies of government Online
personnel involved in leave administration
the following GAD Focal Point Leaders and Members
Online
Sensitivity, and open opportunities for both genders
To learn more about gender-fair language and improve Online
communication with peers
To learn more about gender-fair language and improve Online
communication with peers
 HIGHLIGHTS OF OPERATION | 37

PARTICIPANTS DATE SERVICE PROVIDER

Male Female
- 2 Ma. Carisa Adriatico & Josefina June 15 & 29, 2021 Civil Service Commission
Bojeador (RO7)

1 - HRoy Arthur Alamban (RO10) June 24-25, 2021 Civil Service Commission

- 1 Immel Clarizza Ticzon (HO) June 25, 2021 Freedom of Information

Philippines

14 13 Head Office and Regional
Offices officers and employees
2 - Louterio Sanchez, Jr. &
Gaudencio Tangalin (RO2)
- 3 Paulita Secuya, Ma. Carisa
Adriatico, & Josefina Bojeador
(RO7)
8 17 Head Office and Regional
Offices employees
2 1 Christian Suarez (HO), Hazel
Abinsay (RO4) & Marc Jude
Macaya (RO11)
- 5 Maria Regina Pamela Rosales,
Maricar Ibarrientos, Cleofas
Ventic, Immel Clarizza Ticzon,
& Florence Agpawa
- 1 Josephine Ello (RO10)
July 6-9, 2021 Derrick Lara & Gina De
Los Reyes, TUV Rheinland
Philippines, Inc.
July 12, 14, & 16, Civil Service Commission
2021
July 14-18, 2021 Civil Service Commission
July 21-22, 26-27, Derrick Lara & Gina De
2021 Los Reyes, TUV Rheinland
Philippines, Inc.
July 30, 2021 Department of Agriculture
August 24, 2021 FORA Strategic Communi-
cations Consultancy, Inc.
August 24-25, 2021 Civil Service Commission

6 17 Head Office and Regional October 29, 2021 Josephine Khaleen

Offices GAD Focal Point System Sasuman, Philippine
members Commission on Women

- 2 Florence Agpawa & Nemiah September 1, 2021 FORA Strategic

Nacis (RO1) Communications
Consultancy, Inc.
1 11 Head Office and Regional September 8, 2021 FORA Strategic
Offices GAD Focal Point System Communications
members Consultancy, Inc.
1 11 Head Office and Regional September 15, 2021 FORA Strategic
Offices GAD Focal Point System Communications
members Consultancy, Inc.
35
 38 | ANNUAL REPORT 2021
TITLE OF TRAINING /
SEMINAR
Basic Computer Course and
Effective Use of Internet
Managing Records Disposition
Program: Standards & Best
Practices
Virtual Annual National
Convention cum Seminar:
Navigating Through Risks and
Challenges Under the New
Normal
Google Applications
PhilGEPS Online Training for
Phase 1
Virtual Orientation and Up-
dates on the Anti-Red Tape
Authority
Preparation of the Procure-
ment Monitoring Report (PMR)
and Agency Procurement
Compliance and Performance
Indicators (APCPI)
Maximizing the Use of Virtual
Platforms
Virtual Orientation on the Safe To orient and update the participants on Republic Act No.
Space Act
Virtual Orientation on the Solo To increase awareness on Republic Act No. 8972, more
Parents’ Welfare Act
Republic Act No. 9184:
Government Procurement
Reform Act (8th Edition) and
its 2016 Revised Implementing
Rules and Regulations
36
OBJECTIVES VENUE
To provide an understanding of the current technologies used Online
in the workplace
To discuss the best practices in reviewing records and identify Online
which should be subject to disposal.
To allow participants to share their expertise on current trends Online
in good governance.
To enhance the skills of participants in using various Google Online
Applications in the workplace
To abide by transparency and accountability requirements of Online
the Republic Act No. 9184 and
its 2016 revised IRR, the General Appropriations Act,
resolutions issued by the Government Procurement
Policy Board and other relevant laws, rules and regulations.
To update participants on the practices and initiatives of the Online
Anti-Red Tape Authority
To discuss the procedure, submission and posting Online
requirements of the PMR and APCPI
To increase awareness participants on the Online
concepts and learn how to use information communication
technology in the workplace.
Online
11313, otherwise known as the Safe Space Act, in conjunction
with the Philippine Commission on Women’s 18-Day
Campaign to End Violence Against Women
Region IV
popularly known as the Solo Parents’ Welfare Act
To orient the participants on Republic Act No. 9184, more Online
popularly known as the Government Procurement Reform Act
(8th Edition) and its 2016 Revised Implementing Rules and
Regulations
 HIGHLIGHTS OF OPERATION | 39

PARTICIPANTS DATE SERVICE PROVIDER

Male Female
3 - Romeo Mora Jr. (HO), Eric September 15-17, Department of Agriculture
Barrameda (RO5) & Marc Jude 2021
Macaya (RO11)

6 23 Head Office and Regional September 15-17, Government Records Of-

Offices employees 2021 ficers Association of the
Philippines, Inc.
1 1 Ma. Rowena Samia & Nomer October 7-8, 2021 Association of Government
Viray Internal Auditors, Inc.

3 - Fer Daniel Bautista (HO), Jon
Kalil Rhudy (RO9) & Marc Jude
Macaya (RO11)
8 19 Head Office and Regional
Offices employees
October 13-15, 2021 Department of Agriculture
October 13-14, 20- e-Blackboards Learning and
21, 25-26, 27-28, & Solutions, Inc.
November 15-16,
2021

39 49 Head Office and Regional November 2, 2021 Usec. Carlos Quita, Anti-
Offices officers and employees Red Tape Authority

6 26 Head Office and Regional November 11-12, SCCE Training Center

Offices employees 2021

2 1 Marvin Tenorio (HO), Maria November 11-12, 17- Department of Agriculture

Fatima Marino (RO8) & Marc 18, 2021
Jude Macaya (RO11)
103 94 Head Office and Regional December 6, 2021 Atty. Eric Paul Peralta, UP
Offices officers and employees Los Baños

43 28 Head Office officers and December 13, 2021 Maricel Esguia, Depart-
employees ment of Social Welfare and
Development
17 33 Head Office and Regional December 16-17, SCCE Training Center
Offices officers and employees 2021

37
 40 | ORGANIZATIONAL LEARNING

Below are brief documentation of the various training and seminars held during the year:

Virtual Orientation and Updates on the

implementation of the Anti-Red Tape Act and
the Anti-Red Tape Authority
PCIC employees were given an orientation on the Anti-Red
Tape Act and the Anti-Red Tape Authority on November 2,
2021.

In these, they were given a summary of the significant

provisions of the Act; how to improve the Corporation’s
frontline services and procedures.

After the seminar, employees gained better appreciation

of the Anti-Red Tape Act in terms of streamlining processes
and delivering services more efficiently. Moreover, the seminar
opens the possibility of ARTA and PCIC working more closely
to improve the Corporation’s activities.

COVID-19 Updates and Orientation

on the Government’s Mass
Immunization Program
Despite the roll out of vaccines, the corona virus remained
a big threat to people’s health in 2021. This was even more
pronounced when the virus mutated and new variants came out.

In response, PCIC management sought the assistance of a

medical doctor, to explain the difference of these variants, how
to prevent them from spreading, and how to deal with them in
case an individual contracts the virus. These were discussed by
Dr. Jelvie Cabañes-Lajom of the Mariveles Mental Wellness &
General Hospital, in a webinar held on March 4, 2021.

Apart from providing an update on the virus, Dr. Lajom also

talked about the importance of getting vaccinated and the
progress of the government’s mass vaccination program.

Virtual Orientation on the Safe Spaces Act

PCIC continues to give importance to the contributions of
women in the workplace. Thus, employees are constantly
reminded to accord mutual respect and make sure that the office
is free of any form of harassment.

With this in mind, management organized a discussion on

the Safe Spaces Act on November 26, 2021. With Atty. Maria
Cleofe Gettie Sandoval of Ateneo De Manila University as the
resource speaker, employees were given a summary of the
important provisions of Republic Act 11313 or the Safe Spaces
Act.

Through this, employees become more aware and vigilant

of possible acts of harassment and learned how to make the
workplace safe.
38
 HIGHLIGHTS OF OPERATION | 41
PROSPECT FOR THE FOLLOWING YEAR

The foregoing accomplishments and highlights of operations paint

a positive outlook not only for the corporation in 2022, but also for
agricultural insurance in general.
This prospect is further supported by measures to further strengthen the
PCIC and its insurance programs.
These measures, which were started in 2021, are as follows:
1. Formulation of a product development framework that
will clarify mechanism for product development and review of
their effectiveness within the PCIC;
2. Enhancement of the product pricing methodology and review
current product pricing, with guidance from an Insurance
Commission-accredited actuary; and
3. Further digitalization of PCIC processes.

39
 42 | ANNUAL REPORT 2021
| CORPORATE SOCIAL RESPONSIBILITY
Besides offering crop insurance, PCIC works to contribute to the development and
well-being of the farming and fishing communities it serves as an expression of good
corporate citizenship.

This is the reason why each unit of the Corporation organizes corporate social
responsibility (CSR) events.

The following are the activities conducted during the year.

RO 1, 7 and RO 9
conduct coastal clean-up activities
Officers and employees of Regional Office 1, 7 and 9 participated in separate shoreline
clean-up operations in their respective areas.
RO 1 cleaned part of the shoreline in
Nibaliw West, San Fabian, Pangasinan on
May 3, 2021 to raise awareness on proper
waste disposal along the coast.
Through this initiative, employees collected
25 sacks of garbage.

The clean-up was carried out as part of

the celebration of the Corporation’s 40th
anniversary. It was made possible through
coordination with the officials of Barangay
Nibaliw West, San Fabian’s Municipal
Agriculture Office and the San Fabian
Maritime Police Precinct.

RO 7 officers and staff, on the other

hand cleaned up portions of the coast in
Barangay Tulay, Minglanilla, Cebu while
the RO 9 team cleaned up in Tambunan
Beach, Barangay Malalim, Tabina,
Zamboanga del Sur.

Coastal clean-up activities are important

considering that trash, particularly,
plastics are dangerous to marine life.
Studies show that these can kill more than
100,000 seals, turtles and whales and a
million birds and fish.

40
 HIGHLIGHTS OF OPERATION | 43

RO 2 plants bamboo trees,

conducts bloodletting activity
Regional Office 2’s corporate social responsibility (CSR) activities for
2021 consisted of a bamboo planting activity and a bloodletting drive.

In support of Tuguegarao City’s program, RO 2 officials and staff,

led by Regional Manager Jean Bayani, planted bamboo tree
seedlings along the Pinacanauan River as well as in other areas in the
municipality of Capatan, Tuguegarao City.

The event was held on October 28, 2021 as the regional office’s
contribution to Tuguegarao City’s One Million Trees Movement.

RO2 also continued its annual blood drive on May 7, 2021. The activity
was part of PCIC‘s 40th anniversary celebrated on the same day.

Before the extraction activity, a representative from the Regional Blood

Bank conducted a brief lecture on the benefits of being a blood donor
and assured participants that extracting blood is safe.

RO 3 visits children’s
center in Pampanga
Personnel from RO3 distributed packs of rice juice, grocery items
and toiletries on May 4, 2021 to residents of Munting Tahanan ng
Nazareth – Home for the Poor, Abandoned, Surrendered, Handicapped
and Special Children in Barangay Mabiga, municipality of Mabalacat,
Pampanga.

RO3 wanted to help the said shelter, which depends on donations from
individuals and corporations for its residents’ needs.

In response, residents and the center’s staff expressed appreciation and

heartfelt thanks for choosing to help the center.

RO 3-A puts up community

pantry for Cabanatuan City residents
Regional Office 3A put up a community pantry on May 4, 2021 at its
office in Cabanatuan City.

The initiative was spearheaded by Regional Manager Melba Manalo

and aimed to help residents of the nearby Barangay Imelda District
amid the difficulties posed by the Covid 19 pandemic. The activity was
held in part to mark PCIC’s 40th anniversary.

The pantry included essential items such as rice, eggs, bread and
vegetables, which residents from can have for free, ensuring availability
of food for the really hard-up economically during the period.

Barangay officials of Imelda District and a representative from the

Cabanatuan City Police District assisted RO employees in maintaining
order and making sure that health safety protocols were followed.

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 44 | ANNUAL REPORT 2021

Head Office and RO 4

plant cacao seedlings in Quezon Province

Regional Office 4 staff together with the Head Office officers and staff held a tree planting
activity at Brgy. Tagbakin, Atimonan, Quezon on April 30, 2021. The group planted cacao
seedlings, in support of the initiative of the Atimonan local government.

RO 5 plants mangroves to help stabilize seashore

Regional Office 5 officials and staff planted mangrove
trees on May 4, 2021, near the shore, in Sitio San
Isidro, Barangay Puro , Legazpi City. RO5 officer-
in-charge Frankie Armeña led the planting of 100
seedlings, that is hoped to eventually help reduce the
occurrence of floods in the area.

The activity was made possible with the support of

Barangay Puro Sangguniang Kabataan Council.

RO 6 hosts children of
clients for fun and games
RO 6 invited 50 children from the municipality of
Carles, Iloilo, to participate in parlor games organized
by the staff. The kids, children of PCIC clients, were
also given food packs and slippers. The activity, held
on December 25, 2021, is the RO 6’s way of giving
back to the community which has supported PCIC’s
insurance products.

Marketing and Services Head Jose Ma. Torres, PEO

Iloilo Chief Glenn Carbon led the activity. Also present
were insurance processor Concesa Cleofe Barros,
Municipal Agriculture Officer Robbic Tuma-ob, and
other RO 6 employees.

42
 HIGHLIGHTS OF OPERATION | 45

RO 10 distributes food packs for

COVID-19 patients
A total of 100 COVID -19 patients received food packs
and vitamins from RO 10 in separate distribution
activities held in isolation facilities in August and
September 2021.

The recipients were from the cities of Valencia in

Bukidnon, Surigao City in Surigao Del Norte and El
Salvador in Misamis Oriental.

RO 11 discusses teen
pregnancies, family relationships with
Indigenous Peoples in South Cotabato
Personnel from Regional Office 11 (RO 11 conducted RO 12 sponsors Operation Tuli
a conversation on teen pregnancies and family Forty-one male teens were circumcised for
relationships with residents of Sitio El Naf, Brgy. free on May 6, 2021 during the Operation Tuli
Dumadalig in the municipality of Tantangan, South held at Baragay 8, in Midsayap town, North
Cotabato on May 3, 2021. Cotabato.
Teen pregnancies have increased among the The activity was spearheaded by Regional
indigenous people in the community, and the event Office 12, led by RM Marissa Agudera, in
aimed to educate the members of the community on partnership with health workers from the
prevention and management of early pregnancies. Department of Health and barangay officials.
OIC-Regional Manager Rosalina Grabulan, Marketing
Division Chief Gracia Salloman, Claims Adjustment
officer-in-charge Reynaldo Lagdameo, Administrative
and Financial Division Head Rechel Lorico led the
activity.

They were assisted by Hilbert Narbonito, Jonathan

Salaw, Flocerfida Oro, Mary Joy Macagba, Adrife Ian
Alicio, and Rafael Anciano.

After the lectures and discussion, RO 11 also

distributed food packs and basic commodities to 50
families, children and nursing mothers.

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 46 | ANNUAL REPORT 2021

| INSTITUTIONAL MILESTONES
In 2021, the PCIC marked two important
institutional milestones. On June 7, the agency
marked its 40th foundation anniversary with
the theme PCIC@40:Tatag ng Ahensiya,
Kumpiyansa sa Ani at Kita. In consideration
of the continuing difficulties posed by the
Covid-19 pandemic, the important event was
celebrated very simply. On the anniversary
date itself, the entire agency – all regional
offices and the Head Office, connected via
zoom for a Holy Mass and a very brief program
topped by the message of the President. In his
remarks, President Bernabe enumerated the
agency’s sterling accomplishments, specially
in the few years prior to the agency’s 40th.
He noted that the agency continued to
enjoy support from farmers and fisherfolk,
government institutions and the private
sector. This is shown, he said, in the 3 million
farmers who avail of agriculture insurance
and billions being released in indemnity
every year and the expansion of operation
and financial capacity.
In September, President Rodrigo Duterte issued Executive
148 transferring PCIC from the aegis of the DA, where
it has been since 1995, to the Department of Finance
(DOF) for “policy and program coordination and general
supervision.”
Among other changes introduced, the EO reorganized
the Board (see page 14 ).
Following the issuance of the EO, the PCIC, with guidance
from the Insurance Commission, Bureau of Treasury and
DOF agencies represented in the newly reconstituted
Board, embarked on an action plan that aimed to enhance
operation in key areas, namely:financial condition and
financial reporting framework; contracts, policy and
board approvals; pricing of insurance products; actuarial
valuation and reserve liabilities; and benchmarking against
agricultural insurance in other countries.

At the same time, Atty Bernabe said, PCIC has

been working to make its operations more
efficient, and has been recognized by regulators.
PCIC’s processes have been certified as ISO
compliant and the Corporation has topped the
GCG Scorecard for four times. These serve as
a solid foundation for PCIC’s plans of further
improving its operations including 1) the full
utilization of finance technology, 2) entering
into agreements with more local government
executives, for them to provide subsidies to
farmers and fisherfolk in their jurisdiction, 3)
increasing personnel and opening additional
regional offices, in order to be present in all
regions, and 4) training employees to improve
the matching of the competencies of staff to
the positions they occupy.

Finally, he thanked everyone, from the

members of the Board to the officials at the HO
44and ROs, and all staff who he acknowledged
to have contributed to the PCIC that it is today.
 SATISFACTION SURVEY RESULTS | 47
CUSTOMER
SATISFACTION SURVEY RESULTS
In 2021, the PCIC’s clients remained satisfied with
the service performance of the agency. Results of the
national customer satisfaction survey showed that the
PCIC scored an average of 93.01%, equivalent to a
“satisfied” rating.
The survey was commissioned by the agency to the
Development Academy of the Philippines (DAP),
in accordance with the directive of the Governance
Commission for GOCCs (GCG).
Of the 501 respondents, 93.01% gave at least a
satisfied rating. This is made up of 52.28% giving a
Very Satisfied rating, 40.73% said they were Satisfied,
4.39% were neutral, while 2.60% were dissatisfied.
Respondents were asked to rate PCIC on a scale of
1 to 5. Five is for “very satisfied”; 4 is equivalent
to “satisfied”; 3 “neutral”; 2 for “dissatisfied” and 1
means they’re “very dissatisfied.”
The survey aimed to assess the various service
delivery attributes of the DA-PCIC. These
attributes include staff, insurance, information and
communication, information platform (website),
complaints handling and records keeping, facilities
and integrity.
PCIC received very satisfied ratings for most of the
service delivery attributes, with the highest rating
given for Facilities at 4.67.
On the other hand, Complaints Handling and Records
Keeping was rated slightly lower than the rest of the
attributes at 4.45 but still equivalent to a satisfied
rating,” the report said.
Moreover, the report noted that “ staff was considered
as the most important attribute, followed by
Insurance.” It also identified priority areas for PCIC.
These are “Insurance, Staff, and Complaints Handling
and Records Keeping, which the respondents
considered as important attributes.“ It encouraged
PCIC to “prioritize its efforts on improving its service
delivery related to these priority areas to increase
the level of satisfaction of their farmer/fisherfolk-
beneficiaries.“
Other improvement areas that the report said the
PCIC can look into includes “statements regarding
availability of relevant and adequate insurance
products for the customer’s needs; satisfactory/
acceptable resolution to complaints; and prompt
address of PCIC staff to queries/concerns.”
Based on the GCG requirement, a sample size of 500
for nationwide coverage was recommended to attain
a margin of error of approximately +/- 4.3% at a 95%
confidence level.
The sample size of 501 respondents was
proportionally allocated across the three major
island groups based on the population size of farmer-
beneficiaries of PCIC for 2021 with valid mobile
numbers. Systematic sampling was implemented in
the selection of the respondents interviewed for the
survey.
The survey was conducted from December 13 to
January 07, 2022. Respondents were interviewed by
phone, as surveyors carried out a work-from-home
set-up due to the ongoing COVID-19 pandemic,
and were closely supervised by the DAP project
management team through the Google or Zoom
online platform.
45
 48 | ANNUAL REPORT 2021

FINANCIAL
STATEMENT

2
0
2
1

46
 FINANCIAL STATEMENTS| 49
PHILIPPINE CROP INSURANCE CORPORATION
STATEMENTS OF FINANCIAL POSITION
As at December 31, 2021 and 2020
2020 As At January 1,
NOTE 2021 Restated 2020 As Restated
ASSETS
Current assets
Cash and cash equivalents 2 2,854,364,859 2,341,806,371 2,536,086,770
Investments 3 2,197,377,865 1,810,619,256 1,101,091,689
Receivables, net 4 30,139,403 1,142,402,372 805,091,000
Inventories 13,144,431 7,713,562 7,124,919
Other current assets 6,131,566 4,995,215 4,754,956

Total Current assets 5,101,158,124 5,307,536,776 4,454,149,334

Non-current assets
Investments 5 2,740,316,727 500,934,309 2,587,906,888
Receivables, net 6 12,394,854 12,513,985 472,688,355
Property, plant and 107,302,611 111,488,054 88,976,225
equipment, net
Intangible assets 2,413,266 2,825,935 3,318,456
Other non-current assets 1,299,346 1,073,771 1,248,678
Total Non-current assets 2,863,726,804 628,836,054 3,154,138,602

TOTAL ASSETS 7,964,884,928 5,936,372,830 7,608,287,936

Non-Current Liabilities
Trust liabilities 8 309,709,853 311,050,381 309,053,292
Deferred credits/unearned 60,953 1,050,221 46,002,010
income
Provision for Insurance 9 2,518,136,483 2,469,253,842 3,189,041,110
contract liabilities
Other payables 9,316,090 29,902,883 58,902,691
Total Non-current liabilities 2,837,223,379 2,811,257,327 3,602,999,103

Total Liabilities 5,203,652,816 3,167,789,994 4,633,486,648

EQUITY
Contributed capital
Stockholders’ equity
Cumulative changes in fair
value
Retained earnings
Total Equity 2,761,232,112 2,768,582,836 2,974,801,288
TOTAL LIABILITIES AND
7,964,884,928 5,936,372,830 7,608,287,936
EQUITY
47
 50 | ANNUAL REPORT 2021

PHILIPPINE CROP INSURANCE CORPORATION

STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2021 and 2020
(In Philippine Peso)

2020
2021 As Restated
Income
Service and business income 1,799,073,687 1,081,076,194
Other non-operating income 109,592,517 281,392,507
Total Income 1,908,666,204 1,908,666,204

Expenses
Direct costs 4,311,730,536 3,245,365,988
Personnel services 195,068,367 196,967,978
Maintenance and other operating 566,372,577 490,638,410
expenses
Financial expenses 3,667,505 4,164,759
Non-cash expenses 22,103,131 24,671,636
Total Expenses 5,098,942,116 3,961,808,771

Loss before tax (3,190,275,912) (2,599,340,070)

Income tax expense/(benefit) - -
Loss after tax (3,190,275,912) (2,599,340,070)
Net assistance/subsidy 3,500,000,000 3,500,000,000
Net income 309,724,088 309,724,088
TOTAL COMPREHENSIVE INCOME 309,724,088 900,659,930

48
 FINANCIAL STATEMENTS| 51
PHILIPPINE CROP INSURANCE CORPORATION
NOTES TO FINANCIAL STATEMENTS
December 31, 2021, and 2020
(All amounts in Philippine Peso unless otherwise stated)

1. GENERAL INFORMATION

The Philippine Crop Insurance Corporation (PCIC or the Corporation) is a Government-Owned

and/or Controlled Corporation (GOCC) formerly attached to the Department of Agriculture (DA)
per Executive Order (EO) No. 74 issued in 2002, but beginning September 14, 2021, President
Rodrigo Roa Duterte signed EO No. 148, which transfers PCIC from DA and attaches it to the
Department of Finance (DOF) for “policy and program coordination, and general supervision.”
The PCIC was created as a social-oriented Corporation under Presidential Decree (PD) No. 1467
on June 11, 1978, “prescribing its powers and activities, providing for its capitalization and for
the required Government Premium Subsidy (GPS) and for other purposes”, as amended by PD
No. 1733 on October 21, 1980, by adding penal sanctions therein and EO No. 708 dated July
27, 1981. It was further amended by Republic Act (RA) No. 8175 enacted on December 20,
1995, or an act further amending PD No. 1467, otherwise known as the Charter of the PCIC, in
order to make the crop insurance system more stable and more beneficial to the farmers covered
thereby and for the national economy.

The address of PCIC’s registered office is at 7th Floor Building A, National Irrigation
Administration (NIA) Complex, EDSA, Diliman, Quezon City.

The powers of the Corporation shall be vested in and exercised by the Board of Directors (BOD)
composed of seven (7) members, as follows:

• The Secretary of the DOF;

• The Secretary of the DA;
• The President and Chief Executive Officer (CEO) of the Land Bank of the
Philippines (LBP);
• The President and General Manager of the Government Service Insurance System
(GSIS);
• The President of the PCIC;
• A representative from the private insurance industry to be nominated by the
Secretary of Finance; and
• A representative from the subsistence farmers’ sector coming from Luzon,
Visayas, or Mindanao.

Its mandate is to provide insurance protection to the country’s agricultural producers,

particularly the subsistence farmers, against losses of their crops and non-crop agricultural assets
arising from natural calamities (such as typhoons, floods, droughts, earthquakes, and volcanic
eruptions), plant pest and diseases, and/or other perils.

PCIC is an agricultural insurer committed to help stabilize the income of agricultural producers
and promote the flow of credit in the countryside by:

a. Providing insurance protection to qualified farmers and other agricultural

stakeholders against losses of their crops and produce, including their farm machinery
and equipment, transport facilities, and related infrastructure arising from natural
calamities, pests and diseases, and other perils beyond their effective control; and

49
 52 | ANNUAL REPORT 2021

b. Extending innovative and client-responsive insurance packages and other services through
people’s organizations, including farmers’ cooperatives, agricultural lenders, and service providers.

Regular Insurance Programs

a. Palay and Corn Crop Insurance

An insurance protection extended to farmers against losses on rice and corn crops due to natural
calamities as well as plant pests and diseases.

b. High-Value Crop (HVC) Insurance

An insurance protection extended to farmers against losses on high-value commercial crops due to
natural calamities and other perils such as pests and diseases. High-value commercial crops include
abaca, ampalaya, asparagus, banana, cabbage, carrot, cassava, coconut, coffee, commercial trees,
cotton, garlic, mango, onion, papaya, peanut, pineapple, sugarcane, sweet potato, tobacco, tomato,
white potato, and others.

c. Non-Crop Agricultural Asset Insurance

An insurance protection extended to farmers against loss of assets on non-crop agricultural assets like
warehouses, rice mills, irrigation facilities, and other farm equipment due to perils such as fire and
lightning, theft, and earthquake.

d. Livestock Insurance

An insurance protection for livestock raisers against loss of carabao, cattle, swine, goat, and poultry
due to accidental death or diseases.

e. Credit and Life Term Insurance (CLTI)

An insurance protection that covers death, dismemberment, or disability of the borrower due to
accident or natural causes.

Under the CLTI, PCIC offers the following:

• Loan Repayment Protection Plan (LRPP) - is an insurance protection that guarantees

the payment of the face value or the amount of the approved agricultural loan upon the death
or total permanent disability of the insured borrower.

• Agricultural Producers Protection Plan (APPP) - is an insurance protection that covers

the death of the insured due to accidents, natural causes, and murder or assault.

• Accident and Dismemberment Security Scheme (ADSS) - is an insurance protection

that covers death or dismemberment or disablement of the insured due to an accident.

f. Fisheries Insurance

An insurance protection to fish farmers/fisherfolks/growers against losses in unharvested crops or stock

in fisheries farms due to natural calamities and fortuitous events.

50
 FINANCIAL STATEMENTS| 53
Registry System for Basic Sectors in Agriculture (RSBSA) Program

The RSBSA Program is a program of PCIC wherein farmers and fisherfolks included in the RSBSA
list are entitled to 100 per cent free insurance from PCIC. Under the Special Provision of RA
No. 11518, the General Appropriations Act (GAA) for Fiscal Year (FY) 2021 dated December 9,
2020, pertaining to a subsidy to the PCIC, the amount of P3.500 billion shall be used for the full
insurance premiums of subsistence farmers and fisherfolks to cover crop, livestock, fisheries, and
non-crop agricultural asset. The PCIC shall ensure that the beneficiaries identified are registered
under the RSBSA.

Other Insurance Programs

The programs classified under the non-RSBSA pertain to insurance granted to subsistence
farmers and fisherfolks under various programs of PCIC such as PCIC Regular program, DA-
Sikat Saka, Production Loan Easy Access (PLEA), Survival and Recovery (SURE) Loan Assistance,
Agrarian Production Credit Program (APCP), DA Hybrid Rice Program, Planters Products, Inc.
(PPI) and non-RSBSA as approved by the BOD through Board Resolutions (BRs), wherein PCIC
assumes 55 to 100 per cent of the insurance premiums.

The financial statements of the Corporation as at and for the year ended December 31, 2021
(including the comparative financial statements as at and for the year ended December 31,
2020) were authorized for issue by the BOD on May 5, 2022.

2. CASH AND CASH EQUIVALENTS

This account consists of the following:

2020
2021 As restated
Cash on hand 145,578 1,213,280
Cash in bank-local currency 1,044,687,356 1,039,881,780
Cash equivalent 1,809,531,925 1,300,711,311
2,854,364,859 2,341,806,371

The Cash in bank-local currency consists of the following:

2020
2021 As restated
Current accounts
General and administrative fund 272,497,858 611,128,615
Claims fund 724,743,584 363,014,424
Mother account 22,794,240 44,414,947
Investment fund 52,827 12,574,003
1,020,088,509 1,031,131,989
Savings account
Savings account – one way savings deposit account (OSDA) 24,598,847 8,749,791
1,044,687,356 1,039,881,780

Cash equivalent consists of the following:

2021 2020
Time deposit, local currency – PCIC 1,809,531,925 1,300,711,311
1,809,531,925 1,300,711,311

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 54 | ANNUAL REPORT 2021
3. INVESTMENTS - CURRENT

This account consists of:

2021 2020
Investment in bonds-Local short term 595,264,515 -
Investment in time deposits, local currency - Special Revolving Trust Fund (SRTF) - 309,925,703
Investment in time deposits, local currency 1,602,113,350 600,693,553
Investment in bonds – LBP-RTB-03-09-483494 - 800,000,000
Investment in bonds – Bureau of the Treasury (BTr) -RTB-13 - 100,000,000
2,197,377,865 1,810,619,256
4. RECEIVABLES – CURRENT

This account consists of the following:

2020
2021 As restated
Loans and receivable 26,741,986 1,135,280,100
Inter-agency receivables 2,530,073 2,545,714
Other receivables 867,344 4,576,558
30,139,403 1,142,402,372

Bulk of the CY 2021 Loans and receivable account is the interest receivables from investment in
bonds and time deposits.

5. INVESTMENT - NON-CURRENT

This account consists of:

2021 2020
Investment in bonds-Long term-Retail treasury bonds (RTB) 1,491,517,491 498,792,709
Investment in bonds-Long term-Fixed rate treasury notes (FXTN) 1,246,657,636 -
2,738,175,127 498,792,709
Other investments 2,141,600 2,141,600
2,740,316,727 500,934,309

6. RECEIVABLES - NON-CURRENT

This account consists of the following:

2020 As
2021 restated
Loans and receivable 1,161 1,161
Inter-agency receivables 367,620 367,620
Other receivables 118,587,011 118,706,142
Less: Allowance for impairment 106,560,938 106,560,938
12,026,073 12,145,204
12,394,854 12,513,985

52
 FINANCIAL STATEMENTS| 55
7. TRUST LIABILITIES - CURRENT

This account consists of the following:

2020
2021 As restated
Trust liabilities – Agri-Agra 1,936,231,450 -
Trust liabilities - SRTF 321,426 321,426
Trust liabilities - DA/Philippine Council for Agriculture and 313,873 347,925
Fisheries (PCAF)
Guarantee/security deposits - 1,203,989
Trust liabilities – others 18,905,100 9,703,167
1,955,771,849 11,576,507

In CY 2021, Trust liabilities account includes unutilized Agri-Agra funds received from the Bangko
Sentral ng Pilipinas (BSP) amounting to P3.306 billion, representing PCIC’s 45 per cent share (50 per
cent of 90 per cent) on the penalties collected by BSP from lending/banking institutions due to the
latter’s non-compliance with the Agri-Agra Law (RA No. 10000), specifically Section 6 thereof.

The movement of the fund in CY 2021 is as follows:

Balance, December 31, 2020 -

Add: Remittances from BSP for the year 3,306,112,583
Available fund for the year 3,306,112,583
Less: Amount utilized for the year 1,369,881,133
Balance, December 31, 2021 1,936,231,450

The amount utilized for the year totaling P1,369,881,133 pertains to insurance granted to subsistence
farmers and fisherfolks under various programs of PCIC, such, as DA-Sikat Saka, PLEA/SURE, APCP,
DA HYBRID, PPI and Non-RSBSA, as approved by the BOD through BRs, wherein PCIC assumes 100
per cent of the insurance premiums. The PCIC regular programs also utilized the fund for its 55 per
cent share in premiums.

8. TRUST LIABILITIES – NON-CURRENT

This account consists of the following:

2021 2020
Trust liabilities – SRTF 309,709,853 310,046,692
Others - 1,003,689
309,709,853 311,050,381

The PCIC-SRTF was created under Letter of Instructions (LOI) No. 1242 dated May 21, 1982,
“Providing a Measure to Facilitate Guarantee Payments Under the Masagana 99 Program.” Under this
program, LIs, particularly the Philippine National Bank and rural banks, may avail of special guarantee
payments of up to 85 per cent of the past due Masagana 99 loans, with the following conditions: (a)
have been in arrears for three years or more as of the date of effectivity of the LOI, and (b) were not the
subject of previous advances/payments from the AGF.

The Fund was set up for the purpose of restoring the good credit standing of these banks
with then Central Bank of the Philippines, now BSP, and also to enable them to regain their
capability to render financial services to the rural communities through their continued
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 56 | ANNUAL REPORT 2021
participation in the supervised credit program.

9. PROVISION FOR INSURANCE CONTRACT LIABILITIES

This account consists of the following:

2020
2021 As restated
Claims liability 1,655,431,604 1,385,369,483
Premium reserve liability 862,704,879 1,083,884,359
2,518,136,483 2,469,253,842

9.1. Claims liability-non-current account consists of the following:

2020
2021 As restated
Due and unpaid claims 1,204,772,905 1,002,236,840
Incurred but not reported 345,230,130 282,775,815
Provision for claims handling expense 105,428,569 100,356,828
1,655,431,604 1,385,369,483

This account pertains to claims incurred but not yet paid as of the valuation date. It includes
the following:

9.1.1 Due and unpaid claims refer to the estimated amount of reported claims that have not
been settled as of the valuation date and consist of the following:

9.1.2 Incurred but not reported (IBNR) refers to the amount to be provided for claims in
respect of claims events that have occurred but have not been reported to the company as of
the valuation date and consist of the following:

9.1.3 Provisions for claims handling expense refers to the estimated amount of expenses for
settling all claims, whether reported or unreported, outstanding as of the valuation date and
consist of the following:

9.2 Premium reserve liability-non-current

This account represents the statutory legal reserve required for all unexpired risks of PCIC,
computed as the proportion of the remaining unexpired coverage period over the period
covered by the premium, exact to days.

This account consists of the following:

2020
2021 As restated
Rice 315,495,707 521,642,305
Corn 95,074,212 140,509,091
High-Value 140,711,948 248,174,406
Livestock 254,331,877
123,380,218
Non-crop/Fisheries 28,343,116 22,556,253
CLTI 28,748,019 27,622,086
54 862,704,879
1,083,884,359
 FINANCIAL STATEMENTS| 57

The Premium reserve liability was re-classified from Reserve for unearned premiums under the current
liability in CY 2020.

Moreover, the Corporation engaged the services of Actuarial Exponents, Inc. to implement the
actuarial valuation of reserve liabilities of the Corporation. The Corporation incorporated the
adjustments made by the IC-Accredited actuary to the 2020 financial statements on November 18,
2021 and to the 2019-2021 financial statements on April 22, 2022.

10. CONTRIBUTED CAPITAL

Under RA No. 8175, authorized share capital of PCIC increased from P750 million to P2 billion
divided into 15 million common shares each with a par value of P100 for government subscription,
and five million preferred shares also with a par value of P100 per share.

As at December 31, 2021, the Corporation’s subscribed capital stock amounting to P1.500 billion was
fully paid by the NG.

11. STOCKHOLDERS’ EQUITY

This account consists of the following:

2021 2020
Share capital 100,000,000 100,000,000
Share premium 159,451,431 159,451,431
259,451,431 259,451,431

12. RETAINED EARNINGS

2020
2021 As restated
Balance, beginning of year 1,009,131,332 1,286,257,432
Add/(Deduct):
Prior period adjustments - (547,602,679)
Dividends (317,074,812) (630,183,351)
Net income, as restated 309,724,088 900,659,930
1,001,780,608 1,009,131,332

13. DIVIDENDS TO THE NG

For the dividend year (DY) 2021, PCIC declared dividends to the NG amounting to P154.855
million, representing 50 per cent of the year’s net income and an additional P358.923 million
for the restated net income in CY 2020. For DY 2020, PCIC declared dividends amounting
to P317.075 million and paid an additional P176.373 million representing adjustments of
dividends for DYs 2014 to 2018 as recommended by COA. In DYs 2015, 2016, 2017, 2018,
and 2019, PCIC declared and remitted dividends to the NG through the BTr in the amount
of P36.556 million, P22.559 million, P170.769 million, P160.901 million, and P453.810
million, respectively.

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 58 | ANNUAL REPORT 2021

KEY OFFICERS
HEAD OFFICE
OFFICE NAME OF OFFICIAL / DESIGNATION
APPOINTEE
Office of the President Atty. Jovy C. Bernabe President
Office of the Senior Luther Romeo C. Salting Acting Senior Vice-President
Vice-President
Office of the Vice-President, Segundo H. Guerrero Jr. Vice-President
Support Services Group
Office of the Vice-President, Luther Romeo C. Salting Vice-President
Corporate Business Affairs Group
Legal Department Atty. Gilbert S. Coronel Attorney VI
Planning & Management Sem H. Cordial Department Manager III
Information Office
Internal Audit Service Department Ma. Rowena G. Samia Department Manager III
Actuarial Research and Product Renato A. Viado Department Manager III
Valuation Department
Business Development and Manuel J. Cortina Officer-in-Charge
Marketing Deparment
Administrative Department Allan E. Retamar Department Manager III
Finance Department Nomer D. Viray Department Manager III

REGIONAL OFFICES

OFFICE NAME OF OFFICIAL / DESIGNATION

APPOINTEE
Regional Office I Raul A. Servito Regional Manager II
Regional Office II Jean L. Bayani Officer-in-Charge
Regional Office III Ma. Lilian E. Aguilar Regional Manager II
Regional Office III-A Melba P. Manalo Regional Manager II
Regional Office IV Ric P. Gregorio Officer-in-Charge
Regional Office V Frankie M. Armeña Officer-in-Charge
Regional Office VI Eva Ulie D. Laud Regional Manager II
Regional Office VII Paulita C. Secuya Officer-in-Charge
Regional Office VIII Clarence L. Jereza Regional Manager II
Regional Office IX Virgie A. Baroy Officer-in-Charge
Regional Office X Irene L. Oco Officer-in-Charge
Regional Office XI Rosalina G. Grabulan Officer-in-Charge
Regional Office XII Marissa F. Agudera Regional Manager II
56
 OFFICE DIRECTORY| 59
REGIONAL OFFICE DIRECTORY

REGION I
3rd Floor, S and P North Bldg., Nancayasan, Mc Arthur Highway, Urdaneta City, Pangasinan
Tel No.: 075-637-8106; 075-637-8036

REGION II
Regional Government Center, Carig, Tuguegarao City, Cagayan
Tel No.: 078-844-1225

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 60 | ANNUAL REPORT 2021

REGION III
2nd Floor, Garcia Building, Villa Corazon, San Agustin, McArthur Highway, San Fernando, Pampanga
Tel No.: 045- 435-6751

REGION III-A
22nd Floor, CBNE Building, Maharlika Highway, Cabanatuan City, Nueva Ecija
Tel No.: 044-600-2080

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 OFFICE DIRECTORY| 61

REGION IV
2nd Floor, Rizal Commercial Center, JP Rizal St. cor MH Del Pilar St., Calamba City, Laguna
Tel No.: 049-530-0935

REGION V
BB Andes Bldg., Zone 8, SOLS Subdivision, Bitano, Legazpi City
Tel No.: 052-742-6613

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 62 | ANNUAL REPORT 2021

REGION VI
2nd Floor, Regional Science Laboratory Building, Department of Agriculture, Fort San Pedro, Iloilo City
Tel No.: 033-337-1598

REGION VII
3rd Floor, DBP Building, Osmena Boulevard, Cebu City
Tel No.: 032-412-3443

60
 OFFICE DIRECTORY| 63

REGION VIII
3rd Floor, F. Mendoza Realty Complex, 141 Sto. Nino St., Tacloban City
Tel No.: 053-321-3013

REGION IX
2nd Floor, Bulaylay Building, National Highway, Tiguma, Pagadian City
Tel No.: 062-945-1588

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 64 | ANNUAL REPORT 2021

REGION X
3rd Floor, One Montecarlo Bldg., Annex,Corrales-Hayes St., Cagayan De Oro City
Tel No.: 088-857-2983

REGION XI
2nd Floor, SCGCC Bldg., Alunan Avenue, Koronadal City, South Cotabato
Tel No.: 083-228-3902

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 OFFICE DIRECTORY| 65

REGION XII
Veraj Bldg., Mabinin Street, Poblacion 2, Midsayap, North Cotabato City
Tel No.: 064-521-0817

HEAD OFFICE DIRECTORY

OFFICE OF THE PRESIDENT

Tel No.: 8441-0667
Email: op@pcic.gov.ph

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OFFICE OF THE VICE PRESIDENT, CORPORATE BUSINESS AFFAIRS GROUP

Tel No.: 253-8686
Email: cbag@pcic.gov.ph

OFFICE OF THE INTERNAL AUDIT SERVICES

Tel No.: 8361-8983
Email: ias@pcic.gov.ph

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 OFFICE DIRECTORY| 67

OFFICE OF THE GENERAL COUNSEL

Tel No.: 8441-1323
Email: ogc@pcic.gov.ph

PLANNING AND MANAGEMENT INFORMATION OFFICE

Tel No.:8441-1324
Email: pmio@pcic.gov.ph
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 68 | ANNUAL REPORT 2021

SUPPORT SERVICES GROUP

Tel No.: 8277-2863
Email: ssg@pcic.gov.ph

ADMINISTRATIVE DEPARTMENT
Tel No.:8361-8983
Email: admin@pcic.gov.ph
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 OFFICE DIRECTORY| 69

BUSINESS DEVELOPMENT AND MARKETING DEPARTMENT

Tel No.:8441-1324
Email: bdmd@pcic.gov.ph

ACTUARIAL RESEARCH AND PRODUCT VALUATION DEPARTMENT

Tel No.: 8441-1324
Email: arpvd@gmail.com
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 70 | ANNUAL REPORT 2021

FINANCE DEPARTMENT
Tel No.: 8332-8087
Email: finance@pcic.gov.ph

PABS DEVELOPMENT TEAM

Tel No.: 8441-1324
Email: finance@pcic.gov.ph
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 OFFICE DIRECTORY| 71
DIRECTORY OF PCIC EXTENSION OFFICE AND SERVICE DESKS

Regional Province Address Contact Number Office Hours

Office
Ilocos Sur PEO - National Hi-way, Brgy. 2, (077) 604-2494 Monday to
Ilocos Sur (Beside NFA-Provincial 0905-317-1240 Friday
Office) 8:00AM to
5:00PM
Ilocos Norte PEO - 3rd Floor Shienna’s Bldg, (077) 300-8563 Monday to
Brgy. 21, MH Del Pilar corner 0907-491-2603 Friday
Vintar Road, Laoag City, Ilocos 8:00AM to
Norte 5:00PM
Abra SERVICE DESK - Office of the 0906-713-2611 Monday to
Municipal Agriculturist (OPAG), Friday
Calaba, Bangued, Abra 8:00AM to
5:00PM
PEO - Sitio Bekes, Brgy. 0907-289-0675 Monday to
Buyacaoan, Buguias, Benguet Friday
8:00AM to
5:00PM
Benguet SERVICE DESKS - 2nd Floor Spot 0930-297-6468 Monday to
1 Trading Bay 2, Benguet Agri-Pinoy Friday
Trading Center (BAPTC), BSU 8:00AM to
Strawberry Field, La Trinidad, 5:00PM
Benguet
Mt. Province SERVICE DESK - Provincial 0950-662-1110 Monday to
Agriculture Office, Upper Caluttit, Friday
Bontoc, Mt. Province 8:00AM to
5:00PM
Pangasinan PEO - 3rd Floor Felsa Bldg. (075) 205-8026 to 27 Monday to
I, Quezon Ave., Poblacion, Friday
Alaminos City, Pangasinan (Beside 8:00AM to
PNB) 5:00PM
La Union PEO - ABC Building Brgy., Ili Sur 0919-610-7810 Monday to
San Juan, La Union Friday
8:00AM to
5:00PM
PEO - Room 315, 3rd Floor 0926-937-4435 Monday to
Heritage Commercial Complex 0910-705-8004 Friday
Malvar, Santiago City, Isabela
Isabela SERVICE DESK - Mallig St., Office, 0997-102-8458 Every
Casili, Mallig, Isabela Thursday
SERVICE DESK - BRO Office, 0997-786-4809 Every
2 Capitol, Ilagan City, Isabela 0926-112-3701 Thursday
Nueva Vizcaya SERVICE DESK - Office of the 0997-069-2655 Every
Provincial Agriculturist 0905-817-8639 Thursday
District IV, Bayombong, Nueva 69
Vizcaya
 72 | ANNUAL REPORT 2021

Regional Province Address Contact Number Office Hours

Office
Quirino SERVICE DESK - Tourism Office 0910-705-8004 Every Monday
2 2nd Floor Commercial Building, 0953-270-3586
Capitol Hills, San Marcos, 0926-213-0910
Cabarroguis, Quirino
Ifugao SERVICE DESK - Municipal 0997-069-2655 Every
Agriculture Office, Lamut, Ifugao 0905-817-8639 Wednesday

Abra SERVICE DESK - Office of the 0906-713-2611 Monday to

Municipal Agriculturist (OPAG), Friday
Calaba, Bangued, Abra 8:00AM to
5:00PM
Zambales PEO - Luna St., Magsaysay St. 0933-986-8812 Monday to
Corner, Zone 1, Poblacion, Iba, Friday
Zambales
Bataan SERVICE DESK - Office of the 0928-563-1981 Every Friday
Provincial Agriculturist (Field:
Capitol, Balanga City, Bataan Tuesday to
Thursday
3 Bulacan SERVICE DESK - DAR Provincial 0930-054-4307 Every Tuesday
Office and Friday
Benigno Aquino Ave., Baliuag,
Bulacan
Tarlac SERVICE DESK - 2nd Floor, 0930-180-5050 Every Friday
Pinnacles Bldg., Sta. Rosa Road,
Matatalaib, Tarlac City
Aurora PEO - 2nd Floor BG Plaza 0920-559-1607 Monday to
Building, Baler, Aurora Friday
Nueva Ecija PEO - LPLANO Commercial Stalls, 0936-278-7446 Monday to
3A Baluyot Street, corner Padilla Friday
Street Brgy. F.E Marcos, San Jose
City, Nueva Ecija
Cavite SERVICE DESK - OPA, Trece 0907-617-7885 Every Friday
Martirez, Cavite 8:00AM to
5:00PM
Rizal SERVICE DESK - Department of 0917-572-0909 Every Tuesday
Agrarian Reform Provincial Office, 8:00AM to
Tanay Rizal 5:00PM
4 Batangas SERVICE DESK - Office of the 0905-110-8534 Every
City veterinary and Agricultural 0920-956-0778 Wednesday
Services (OCVAS), Barangay
Bulbok, Batangas City
Laguna SERVICE DESK - Office of the 0975-221-3088 Every Friday
Provincial Agriculture, Barangay 8:00AM to
70 Callios, Sta. Cruz, Laguna 5:00PM
 OFFICE DIRECTORY| 73

Regional Province Address Contact Number Office Hours

Office
Quirino SERVICE DESK - Tourism Office 0910-705-8004 Every Monday
2nd Floor Commercial Building, 0953-270-3586
Capitol Hills, San Marcos, 0926-213-0910
Cabarroguis, Quirino
Ifugao SERVICE DESK - Municipal 0997-069-2655 Every
Agriculture Office, Lamut, Ifugao 0905-817-8639 Wednesday

Abra SERVICE DESK - Office of the 0906-713-2611 Monday to

Municipal Agriculturist (OPAG), Friday
Calaba, Bangued, Abra 8:00AM to
5:00PM
Romblon PEO - LFH Prominade Suite Bldg., 0908-679-8132 Monday to
Cocoville, Dapawan Odiongan, Friday
Romblon 8:00AM to
5:00PM
Marinduque PEO - Brgy. Isok 1, Boac, 0926-029-1295 Monday to
Marinduque Friday
8:00AM to
5:00PM
Oriental Mindoro PEO - K.B Homes Zone 2, Madrid (043) 738-2058 Monday to
Blvd., Pinamalayan, Oriental Friday
Mindoro 8:00AM to
4 5:00PM
PEO - 276 Malvar Corner P. (043) 738-2085 Monday to
Baltan St., Puerto Princesa, Friday
Palawan 8:00AM to
Palawan 5:00PM
PEO - Abiog Bldg/Elizabeth 0916-895-2432 Monday to
Pension, Quillope St., Cor. Friday
Nazarid St. District II, Brooke’s 8:00AM to
Point, Palawan 5:00PM
Quezon PEO - Puache Commercial Bldg., (042) 322-9453 Monday to
Marharlika Highway, Brgy. Friday
Kanlurang Mayao, Lucena City, 8:00AM to
Quezon 5:00PM
Occidental PEO - 2nd Floor Santos Bldg, Rizal 0928-561-1416 Monday to
Mindoro St., Cor. Manuel St., Brgy. 7, San Friday
Jose, Occidental Mindoro 8:00AM to
PEO - 265 Salgado St., Buenavista, (043) 458-9075 5:00PM
Sablayan

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 74 | ANNUAL REPORT 2021

Regional Province Address Contact Number Office Hours

Office
Camarines Sur PEO - 2ND Floor, Room 201 and (043) 458-9075 Monday to
202, One Magsaysay Ave., Naga Friday
City
Masbate PEO - 2nd Floor, Room 7 Bravo 0915-599-5481
Bldg., Ricarte Road, Brgy.
5 Espinosa, Masbate City
Sorsogon SERVICE DESK - Sorsogon OPAG 0946-043-8891
Catanduanes SERVICE DESK - Catanduanes 0907-033-3964
OPAG
Camarines Norte SERVICE DESK - Camarines Norte 0946-620-6961
OPAG
Aklan PEO - G & F Radislao Bldg., Brgy. (036) 267-7262
Jumarap, Banga, Kalibo, Aklan 0938-621-6182

Capiz PEO - Room 1 Joeval’s Apartment, (036) 620-1883

San Roque St., Inzo Arnaldo, 0938-621-6194
Roxas City, Capiz
Antique PEO - Barbaza MPC Bldg., (036) 641-6399
Cerdeña St., Brgy. 5 San Jose, 0938-621-6183
Antique Monday to
Friday
Iloilo PEO - 12 Washington St., Brgy. (033) 323-3980
6
Democracia, Jaro, Iloilo City 0938-621-6195
Negros Occidental PEO - ACP Handumanan Bldg., (034) 444-0772
Burgos cos San Juan St., Bacolod 0921-621-6196
City, Negros Occidental
PEO - Regner Bldg., 2nd Floor, (038) 518-2987 Monday to
Bohol Upper Mercury Drug Store, Friday
Poblacion, Ubay, Bohol
PEO - BODARE MPC Compound, (038) 411-2751
DAO District, Tagbilaran City,
Bohol
7 Dumaguete PEO - Carballo Compound, (035) 421-2672
Calindagan, Dumaguete City,
Negros Oriental
Negros Oriental PEO - New Bldg., ma. Cecilia 0917-502-2457
Canada, Aquino St. brgy. Mabigo,
Canlaon City, Negros Oriental
Siquijor PEO - 2nd Floor Siquijor Business 0905-957-4643
and Convention Center, Corner
mabini Sta. Fe St. Poblacion
Siquijor, Siquijor

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 OFFICE DIRECTORY| 75

Regional Province Address Contact Number Office Hours

Office
Leyte PEO - 2nd Floor Right Wing Avon 0948-846-6586 Monday to
Compound City Center Park, Friday
Sagkahan St., Tacloban City, Leyte 8:00AM to
PEO - 2nd Floor 4W Prime Bldg., (053) 560-9731 5:00PM
Brgy. Doña Feliza, Don Felipe
Rd., Ormoc City, Leyte
PEO - 2nd Floor Visto Bldg., Zone (053) 525-0104
V, Sogod, Southern Leyte
Samar PEO - 2nd Floor Cabangangan (055) 543-9156
8
Bldg., San Roque Extension, Brgy.
10, Catbalogan, Western Samar
PEO - Docil Bldg., Brgy. (055) 560-8343
Alangalang, Borongan Ciy, Eastern
Samar
PEO - JP Rizal St. Brgy. Acacia, (055) 500-9156
Catarman, Northern Samar
Zamboanga Del PEO - F. Lacaya St., Brgy. Biasong 0917-138-0993 Monday to
Norte Dipolog, Zamboanga Del Norte Friday
PEO - Goleo Sindangan, (062) 957-5059
Zamboanga Del Norte
Zamboanga PEO - 1st Floor, Mocreco Bldg., (062) 945-1396
9 Sibugay Yangco St., Madasigon Molave,
Zamboanga Del Sur
Zamboanga Del PEO - 1st Floor, Mocreco Bldg., (062) 945-1396
Sur Yangco St., Madasigon Molave,
Zamboanga Del Sur
Zamboanga City PEO - 2nd Floor, Samboangan (062) 975-5544
Bayani Cooperative, gen. Vicente
Alvarez St., Zamboanga City
Surigao Del Norte PEO - 1st Floor Dumadag Bldg. 0905-894-3304 Monday to
KM 3, Brgy. Luna, Surigao City, 0950-709-3979 Friday
Surigao del Norte
Agusan Del Sur PEO - 1st Floor NGPI Bldg., 1st 0909-468-7414
Floor, Brgy. 5, POB., San Fran- 0905-413-5126
cisco Agusan Del sur
10 Surigao Del Sur PEO - Door 9, 2nd Floor LCP 0930-470-0414
Building 2, Capitol Road P-Venus, 0939-622-4828
Brgy. Telaje, Tandag City 8300,
Surigao del Sur
Bukidnon PEO - 2nd Floor Pinlac Bldg., 0905-894-3432
Sayre Highway, Hagkol, Valencia 0910-438-6324
City Bukidnon

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 76 | ANNUAL REPORT 2021

Regional Province Address Contact Number Office Hours

Office
Davao Del Norte PEO - Capitol Compound, Tagum (084) 216-6330 Monday to
City, Davao del Norte 0916-549-4749 Friday
0912-368-4641”
Davao Oriental PEO - DA Compound, Matiao, (087) 811-7210
Mati City, Davao Oriental 0916-549-4749
11 0907-647-2459
Compostela PEO - Municipal Hall Compound, 0916-549-4749
Valley Mawab, Compostela Valley 0907-656-0506
Province
Davao Del Sur PEO - 2nd Floor, Buereau of 0919-841-9499
Fisheries Bldg., Office of the 0912-542-4428
Provincial Agriculturist, Bataan
St., Digos City
Davao City PEO - Corners Jacinto St., & 0919-841-9499
Quezon Blvd., Davao City 0951-372-0400
PEO - 3rd Floor, Land Bank of 0919-841-9499
the Philippines Bldg., Torres St., 0927-774-9875
Davao City
Sarangani PEO - 3rd Floor, National Bldg., 0919-841-9499
Coop Office Capitol Compound, 0938-491-1984
Alabel, Sarangani Province
Sultan Kudarat PEO - 1st Floor, Torres Bldg., 0950-545-2334 Monday to
Poblacion 1, Lebak, Sultan Friday
Kudarat
PEO - Bo. 2, EJC Montilla 0997-692-6614
12 Tacurong City
Kidapawan PEO - Bo. 2, EJC Montilla (064) 557-4097
Tacurong City
Lanao Del Norte PEO - Farmer’s Training Center, 0926-862-90889
Bagong Dawis, Baroy, Lanao Del
Norte

74
 ABOUT US| 77

ABOUT
US
The Philippine Crop Insurance Corporation (PCIC) is the implementing agency of
the government’s agricultural insurance program.

It currently operates under the supervision of, and as an attached agency to, the
Department of Finance, by virtue of Executive Order 148 (September 14, 2021).

PCIC is a government owned and controlled corporation (GOCC) created by

virtue of Presidential Decree 1467 (June 11, 1978), later on amended by PD 1733
(October 21, 1980) and further amended by Republic Act 8175 (December 29,
1995), as as the implementing agency of the government’s agricultural insurance
program.

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 corporation 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 farmers’
finances.
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 78 | ANNUAL REPORT 2021

BRIEF
HISTORY 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.

The study concluded that the agricultural insurance system will

address not only the welfare aspect of the after-loss event but
also help stabilize farm incomes and reverse the “risk-averse”
nature of farmers. The system should also push them to invest
more in new technologies that would help increase national
productivity.

Apart from protecting farmers from financial losses, crop

insurance is also an instrument that can serve as “surrogate”
collateral to banks and other financial institutions to encourage
them to continue participating in and supporting government
credit programs.

These findings ushered the creation of the PCIC and put into
operation the government’s insurance program.

76
EDITORIAL TEAM

Segundo H. Guerrero, Jr.

Sem H. Cordial
Allan E. Retamar
Ma. Rowena G. Samia
Renato R. Viado
Jacqueline N. Razon
Manuel J. Cortina
Cleofas Magnaye-Ventic
Matthew Joseph H. Yap
Rita May M. Pura
Arbi Mari G. Dela Cruz
Jay Albert M. Ilagan

Adviser
Roberto N. Ocampo

Graphics and Layout Designer

Novy Ann G. Zarceno

The Philippine Crop Insurance

Corporation promotes awareness for
and understanding of the work of the
agency and the benefits of agricultural
insurance, and encourages the sharing
and dissemination of this material and
its contents. However, we request
users, particularly those who produce
knowledge products in both paper
and electronic forms, to make the
necessary referencing and attribution.
PCIC protects agricultural producers and their investments thru the
following insurance products:
RICE CROP INSURANCE
An insurance protection extended
to farmers against losses in rice
crops due to natural calamities as
well as plant pests and diseases.
HIGH-VALUE CROP
INSURANCE
An insurance protection extended
to farmers against losses in the
high-value crops due to natural
calamities and other perils such
as pests and diseases.
NON-CROP
AGRICULTURAL ASSETS
An insurance protection extended to
farmers againts loss of their non-crop
agricultural assets like warehouse,
rice mills, irrigation facilities and farm
equipment due to perils such as fire and
lightning, theft and earthquake.
FISHERIES INSURANCE
An insurance protection to fish farmers/
growers against losses in unharvested
crop or stock in fish farms due to natural
calamities or fortuitous events.
TEL NO.: (02)8441-1324 rmg@pcic.gov.ph
CORN CROP INSURANCE
An insurance protection extended
to farmers against losses in corn
crops due to natural calamities as
well as plant pests and diseases.
LIVESTOCK INSURANCE
An insurance protection for
livestock and poultry raisers
against loss of their animals due
to accidental death or diseases.
CREDIT AND LIFE TERM INSURANCE
AGRICULTURAL PRODUCERS PROTECTION PLAN
An insurance protection for agricultural producers,
fisherfolk and other stakeholders that covers death of the
insured due to accident, natural causes and murder or
assault.
LOAN REPAYMENT PROTECTION PLAN
An insurance protection for agricultural producers,
fisherfolk and other stakeholders that guarantees the
payment of the face value or the amount of approved
agricultural loan upon the death or total permanent
disability of the insured borrower due to accident,
natural causes and murder or assault.
ACCIDENT AND DISMEMBERMENT SECURITY
SCHEME
An insurance protection for agricultural producers,
fisherfolk and other stakeholders that covers death or
dismemberment or disablement of the insured due to
accident.
Visit us at www.pcic.gov.ph https://facebook.com/pcic1981