REPUBLIC OF THE PHILIPPINES
HOUSE OF REPRESENTATIVES
Quezon City

EIGHTEENTH CONGRESS
First Regular Session

3858
HOUSE BILL NO.

Introduced by Representative TYRONE D AGABAS

EXPLANATORY NOTE

This bill which seeks to require the payment of insurance by
Philippine Crop Insurance Corporation between the range of Eighty
Percent (80%) to a Hundred Percent (100%) of the actual value of the
projected harvest of farmers has already been approved by the House of
Representatives on its 3" and final reading in the 17 Congress. It is
however essential to file this bill to protect the interest of farmers against
losses brought about by natural calamities, crop infestations, and crop
diseases.

Section 5, Article XIII of the 1987 Constitution mandates the State to
provide support to agriculture through appropriate technology and
research, and adequate financial, production, marketing, and other
support services. To this end, the State recognizes its responsibility of
protecting farmers’ interests against natural calamities, crop infestations
and other crop diseases, hence, the passage of the Revised Charter of the
Philippine Crop Insurance Commission (PCIC) under Republic Act 8175
amending Presidential Decree No. 1467 which created the Philippine
Crop Insurance Commission on June 11, 1978.

The Philippines is a tropical country. On the average, as further
worsened by climate change, our country suffers the force of 20 typhoons
each year. In every typhoon, our farmers suffer most as their return on
the investment are equated least. Lending institutions most often prey on
vulnerability of our farmers for lack of funds. Hence, the insurance
benefit accorded by the PCIC to our farmers, However, the payment


coverage on damaged crops under the PCIC is even more unforgiving. Its
stringent mode of payment is as intolerant as typhoons themselves.
There is a need to provide a better payment scheme so as to give justice
to the plight of farmers whose crops are often devastated by natural
calamities, pest and other diseases.

Approval of this bill is earnestly sought.

. TYRONE D. AGABAS

Representative
6% District, Pangasinan


Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City

EIGHTEENTH CONGRESS
First Regular Session

HOUSE BILL NO. 3858

AN ACT STRENGTHENING THE PHILIPPINE CROP INSURANCE
CORPORATION (PCIC), REPEALING FOR THE PURPOSE PRESIDENTIAL
DECREE NO. 1467, INTITLED “CREATING THE ‘PHILIPPINE CROP
INSURANCE CORPORATION’ PRESCRIBING ITS POWERS AND
ACTIVITIES, PROVIDING FOR ITS CAPITALIZATION AND FOR THE
REQUIRED GOVERNMENT PREMIUM SUBSIDY, AND FOR OTHER
PURPOSES,” AS AMENDED BY PRESIDENTIAL DECREE NO. 1733 AND
REPUBLIC ACT NO. 817

Be it enacted by the Senate and House of Representatives of the
Philippines in Congress assembled:

SECTION 1. Short Title. - This Act shall be known as the “Revised
charter of the Philippine Crop Insurance Corporation”.

See. 2. Declaration of Policy. - It is hereby declared the policy of the
State:

{a) To ensure food security, intensify food production,
promote agricultural credit, and broaden the coverage of
mandatory crop insurance amidst the recurrence of
disasters and calamities, natural or otherwise, such as
floods, typhoons, heavy rains, and drought that destroy
crops, especially palay and other grains and crops necessary
for food security.

(b) To alleviate the financial burden of the farmers due to
uncompensated losses arising from destruction of crops
wrought by disaster and calamities, keep farmers away from
indebtedness, enhance farmers’ credit standing, and provide
farmers additional government support to increase
agricultural production.

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(ec) To assist banks and financial institutions by enhancing
their capabilities to extend loans to farmers; and

(d) To strengthen the organizational capability and to
expand the coverage of the Philippine Crop Insurance
Corporation (PCIC), a government-owned corporation
established pursuant to Presidential Decree No. 1467 to
provide insurance protection to farmers against losses
arising from natural calamities, fortuitous events, plant and
fish diseases, and pest infestations.

Sec. 3. Expanded Purposes and Coverage of the PCIC. - The
PCIC, hereinafter referred to as the Corporation, shall insure
qualified farmers and fisher folks against losses arising from
natural calamities, fortuitous events, plant and fish diseases, and
pest infestations. It shall provide insurance coverage for palay and
corn crops, high-value commercial crops, livestock, aquaculture
and fishery product, agroforestry crops, and forest plantations;
non-crop agricultural assets such as machineries, equipment,
transport facilities and other related infrastructure; and life and
accident term insurance coverage for farmers and fisherfolk. Such
crop insurance shall cover, in every case, the cost of production
inputs, the value of the of the farmer’s or fisherfolk’s own labor
and members of the household including the value of the labor of
hired workers, and apportion of the projected value of the crops.
Such insurance protection, however, shall exclude losses arising
from avoidable risk emanating from or due to the negligence,
malfeasance or fraud committed by the insured or any member of
the immediate farm household or employee, or the failure of the
insured to follow proven farm practices.

The corporation shall also insure properties and facilities
which are owned or used by government agencies involved in
agri-fishery-forestry projects or activities and government —
financed agri-fishery-forestry project. It shall also provide
reinsurance coverage to agri-fishery-forestry properties and
facilities underwritten by private and government insurance
companies, and weather index-based insurance (WIBI) and
reinsurance for palay and corn crops, high-value commercial
crops, livestock, aquaculture and fishery products, agroforestry
crops, and forest plantation.

Sec. 4. Powers. - The Corporation shall continue to exercise
the following powers and functions:

(a) To prescribe, repeal, and alter its own bylaws;
(b) To adopt and use a corporate seal;

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(c) To sue and to be sued;
(4) To have continuous succession until dissolved by law;

(e) To determine its operating policies and to issue such
rules and regulations as may be necessary to implement the
crop insurance scheme;

() To insure the crops of farmers and fishpond, seaweed,
oyster, or mussel farm of fisherfolks against loss, damage
and destruction caused by natural calamities such as
typhoons, floods, drought, earthquakes, volcanic eruption,
rodents, vermin diseases, insects, and other pests; and to
carry on any business necessary, related to and expedient
for the above purpose;

(g) To insure in the Philippines or abroad all or any risks of
the Corporation;

(h) To purchase or otherwise acquire ownership and manage
any and all parts of the business, property and liabilities of
any person or company carrying on any business which the
Corporation is authorized to carry on or possess;

(i) To acquire by purchase or otherwise acquire ownership of
and to invest in, hold, sell, or otherwise dispose of stocks or
bonds or any interest in either, or any obligation or evidence
of indebtedness of any corporation, domestic or foreign, or
the bonds or other obligations or evidence of indebtedness,
of any person, firm or corporation; and as owner of such
stocks, bonds or interest therein, or other obligations or
evidence of indebtedness, to exercise the rights, powers and
privileges of ownership, including the right to vote thereon or
consent in respect thereto for any and all lawful purposes;

(i) To purchase, or otherwise acquire, sell, lease, convey,
mortgage, encumber, and otherwise deal with any property,
real or personal, or any interest therein; extend credit on the
security of real estate or movable property; exercise
easement right or privilege over or in respect to any
property, real or personal, as may be permitted by law and
as may be reasonable/necessary to carry out the purposes
for which the Corporation is formed or as may or hereafter
be permitted by law;

(k) To establish braches whenever it may be expedient and
necessary; and

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(1) To generate internal funds by floating bond, expanding
the Corporation's insurance lines to include agricultural
guarantee loans, and extending coverage to other areas of
agriculture, such as livestock, aquaculture, fishery,
agroforestry, and forest plantations, in order to address
insurance needs of the target sector and to do and perform
acts and things and to exercise all the general powers
conferred by law upon the Corporation as are incidental or
conducive to the attainment of the objectives of the
Corporation.

Sec. 5. Who Shall Be Insured. - Participation in the
insurance for palay and other crops essential for food security, as
determined by the Department of Agriculture (DA), shall be
compulsory upon all farmers. For other crops, participation shall
be compulsory upon all farmers obtaining production loans under
the supervised credit program, and optional on the part of self-
financed farmers provided they agree to place themselves under
the supervision of agricultural production technicians.

The term “supervised credit program” as used in this Act
shall mean the production credit program wherein the farmer who
obtained production loans agree in writing to apply proven farm
practices necessary to conserve the land, improve its fertility and
increase its production, and abide by the approve farm plan and
budget jointly prepared by such farmer and the duly accredited
supervised credit technician.

‘The term “supervision of agricultural production technician”
shall mean the supervision undertaken by agricultural production
technicians who are duly accredited by the appropriate
government agencies concerned, as required under the supervised
credit system.

Sec. 6. Rate of Premium, Sharing, and Amount of Indemnity. eS
‘The rate of premium, as well as the allocated sharing thereof of
farmers, fisherfolks, lending institutions, the Government of the
Republic of the Philippines (herein called the Government) and
other parties, shall be determined by the Board of Directors of the
Corporation: Provided, That the share of the Government in the
premium cost in the form of premium subsidy shall be limited to
subsistence farmers and fisherfolks; Provided, however, That each
of these subsistence farmer is cultivating not more than seven (7)
hectares of farmlands and each fishfolk is cultivating not more
than five (5) hectares of fishpond, seaweed, oyster, or mussel farm
by themselves or with the help of the labor of the members of their
households or hired labor, the premium rate and sharing to be

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determined by the Board of Directors: Provided, further, That the
premium share of the subsistence farmer or fisherfolk shall be
reasonably affordable: Provided, furthermore, That the Government
shall share in the premium cost only in insurance coverage against
unforeseen and unavoidable risk such as typhoons, droughts,
rainfall, outbreaks of pest and diseases: Provided, finally, That
premium subsidy or insurance benefits shall, upon the
accumulation of surplus funds, be increase to such amount as
may be determined by the Board of Directors, taking into
consideration that the Corporation has been established not only
for profit but mainly to help Filipino farmers and fisherfolk.

The amount of indemnity shall be determined by the Board
of Directors, which shall take into account the value of the
potential harvest for crops at the ripening stage of growth; actual
cost of production inputs already applied at the time of loss per
farm plan and budget, subject to limits stipulated in the policy
contract; pro-rated cost of the harvested crops; the salvage value;
if any, and the percentage of yield loss.

Sec. 7. Premium Subsidy. - (a) The required Government premium
subsidy, as determined by the Board of Directors and approved by
the President of the Philippines, shall be deemed appropriated
from the funds of the National Treasury not otherwise
appropriated, and shall be drawn, on a month-to-month or other
periodic basis, depending upon the actual amount of insurance
underwritten by the Corporation. For this purpose, the
Corporation shall bill the Government the sum of money
corresponding to the computed amount of subsidy.

(b) Yearly projection of the premium subsidy shall be
submitted by the Corporation to the President of the Philippines,
and upon approval shall be included in the Government's
budgetary appropriations.

(c) Calamity funds earmarked by the Government shall

include a certain percentage for crop insurance and shall be
released to and administered by the Corporation.

(4) Ten percent (10%) of the net earnings of the Philippine
Charity Sweepstakes Office (PCSO) from its lotto operation shall be
earmarked for the Crop Insurance Program and said amount shall
be directly remitted by the PCSO to the Corporation every six (6)
months until the amount of government subscription is fully paid.

Sec. 8. Capital Stock. - (a) The authorized capital stock of
the Corporation is ten billion pesos (P10,000,000,000.00) divided
into seventy-five million (P75,000,000.00) common shares with par

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value of one hundred pesos (P100.00) each share, which shall be
fully subscribed by the Government and twenty-five million
(P25,000,000.00) preferred shares with a par value of one hundred
pesos (P100.00).

(b) The common capital stock of one billion five hundred
million pesos (P1, 500,000,000.00) having been fully paid to the
Corporation, the balance of six billion pesos (P6, 000,000,000.00)
subscribed by the Government shall be appropriated annually by
Congress unless otherwise provided by existing laws.

(c) The preferred shares shall be entitled to a preference over
common shares in any declaration of dividends. They shall also be
given priority in the distribution of assets in the event of the
liquidation of the Corporation. They shall have the following
specific features:

(1) Preferred as to dividends at a minimum of one and
one-half percent (1.5%) or the prevailing three hundred sixty
(360)-day Treasury bill rate at the time of declaration of
dividends, whichever is higher;

(2) Cumulative;
(3) Nonparticipating;

(4) Nonvoting;

(5) Dividends thereon shall be exempt from income tax;

(6) Redeemable at the option of the Corporation at the
prevailing book value but in no case less than par after five
(5) years from issuance thereof; and

(7) Transferable.

(d) At least five hundred million pesos (P500,000,000.00) of
preferred shares shall be subscribed and paid for by the Land
Bank of the Philippines (LBP). The balance of the preferred shares
may be available for sale or to subscription by the
general public.

Sec. 9. Reserve Fund for Catastrophic Losses. - A state
reserve fund for catastrophic losses in the amount of five hundred
million pesos (P500, 000,000.00) shall be created exclusively to
answer for the proportion of all losses in excess of risk (pure)
premium under the Corporation’s Crop Insurance Program for
small farmers and fishfolks. The fund may be increased subject to
the approval of the President of the Philippines. The fund shall be
administered by the government financial institution to be

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designated by the Corporation’s Board of Directors. Such sum as
may be necessary for the purpose shall be funded by the National
Government through the annual General Appropriations Act. The
mechanics of claims against the fund and to what extent the fun
shall be liable shall be determined jointly with the financial
institution administering the Fund, subject to the approval by the
President of the Philippines.

Sec. 10. Reinsurance. - in order to spread the risk of the
Corporation, the PCIC is hereby authorized to seek reinsurance
protection whenever it may be available.

Sec. 11. Board of Directors. — (a) The powers of the
Corporation shall be vested in and exercised by Board of Directors,
hereinafter referred to as the Board, composed of seven (7)
members and made up of the following: the President of the LBP,
the President of the Corporation, the DA Secretary, a
representative from the private insurance industry to be
nominated by the Secretary of Finance and Three (3)
representative from the subsistence farmers’ sector, preferably
representing agrarian reform beneficiaries/ _cooperatives/
associations coming from Luzon, Visayas and Mindanao, who shall
be selected and nominated by the different farmers’ organization or
cooperatives. The respective nominees of the private insurance
industry and the farmers’ sector shall be submitted to and
appointed by the President of the Philippines. The chairman of the
Board shall be appointed by the President of the Philippines from
among the members of the Board. The President of the
Corporation shall also be appointed by the President of the
Philippines and shall be ex officio Vice Chairman who shall assist
the Chairman and act in his stead in case of absence or
incapacity. In case of absence or incapacity of both the Chairman
and the Vice Chairman, the Board shall designated a temporary
chairman from among its members. Except for the President of the
LBP and the DA Secretary, all members of the Board, including the
President of the Corporation, shall be appointed by the President
of the Philippines within a reasonable period of time after the
approval of this Act.

(b) The members of the Board shall have their respective
alternates who shall attend the meeting, and act as member of the
Board in the absence or incapacity of the regular members.

(c) The Board shall meet regularly at least twice a month
and as often as the exigencies of the Corporation’s affairs demand.
The presence of at least five (5) members shall constitute a quorum
which shall be necessary for the transaction of any business. The

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Board may be convened either by the Chairman or, in his absence,
by the Vice Chairman.

(d) The Chairman and the members of the Board shall each
receive per diem pursuant to existing law for each meeting of the
Board personally attended: Provided, however, That in case of the
representatives of subsistence farmers’ sector, the Board is
authorized to determine reasonable traveling and, if necessary,
subsistence expenses in going to and returning from said Board
meeting to be disbursed to them in addition to their per diem.

SEC. 12. Powers and Functions of the Board of Directors. - The
Board shall have the following powers and functions:

(a) To implement the provision and purpose of this Act;

(b) To formulate and adopt policies and plans, and to
promulgate rule and regulations for the management, operation
and conduct of the affairs and business of the Corporation and, for
this purpose, may limit or refuse insurance in any area or on any
farmer because of the risk involved or may expand the subject of
insurance coverage to crops other than palay: Provided, That such
coverage on other crops shall be approved by the President of the
Philippines;

(c) To borrow funds from local and international financing
source or institution and issue bonds up to five (5) times the value
of its authorized capital stock for the purpose of financing the
programs and projects deemed vital for the attainment of the
Corporation’s goals and objectives;

(4) To enter into, make, and execute contract of any kind or
nature as may be necessary, or incidental to the accomplishment
of the purpose of the Corporation;

(e) To approve the budget of the Corporation and to fix the
reasonable compensation of its personnel: Provided, That the
Board shall have exclusive and final authority to promote,
transfer, assign or reassign personnel of these Corporation and
these personnel actions are deemed made in the interest of the
service and not disciplinary, any provision of existing law to the
contrary notwithstanding;

() To establish and guidelines for the employment on the
basis of merit, technical competence and moral
character, and approve a staffing pattern of defining
their powers and duties; and

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(g) To exercise the general powers mentioned in the
Corporation Law insofar as these are not inconsistent or
incompatible with provisions of this Act.

SEC. 13. Management. - The management of the Corporation shall
be vested in the President of the Corporation who shall be a person
of known integrity, competence in technical and executive fields
related to the purposes of this Act. The president of the
Corporation shall be appointed by the Board and shall not be
removed except for cause. There shall also be Vice President of the
Corporation shall have following powers and duties:

(a) To execute and administer the policies, plans and
programs and rules and regulations approved or promulgated by
the Board;

(b) To submit for the consideration of the Board such
policies, plans and programs deemed necessary to carry out the
provisions and purposes of this Act;

(c) To direct and supervise the operations and internal
administration of the Corporation and, for this purpose, to
delegate some or any powers and duties to subordinate officials;

(4) To recommend to the Board the appointment,
promotions, transfer, assignment, reassignment, demotion,
dismissal and compensation of personnel; and

(e) To exercise such other powers and perform such other
duties as may be directed by the Board.

SEC.14. Settlement of Claims. - (a) Claims for indemnity against
the corporation shall be settled by the Corporation’s regional
manager concerned or the appropriate officer to whom the function
is delegated. However if in the opinion of the regional manager the
claim is novel, difficult, or controversial, the matter may be
elevated by the regional manager to the president of the
Corporation for decision.

(b) The claimant aggrieved by the decision of the regional
manager may, within thirty (30) days from receipt of the
decision, request for reconsideration thereof and if not satisfied
therewith, may elevate the matter to the President of the
Corporation.

(ce) Any party aggrieved by a decision, order or ruling of the
President of the Corporation may appeal said decision, order or
ruling to the Corporation’s Board.

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(4) Any claim not acted upon within sixty (60) days from
submission of complete claims documents to the Corporation shall
be considered approved.

SEC. 15. No Claim Benefits. - Any insured farmer or fisherfolk who
has not filed any claims during the immediately preceding three (3)
crop seasons, or any insured fishpond or fish cage operator who
has not filed any claim during the immediately preceding three (3)
harvest seasons shall be entitled to a no-claim benefits of least ten
percent (10%) of premium share paid for said crop seasons to be
deposited in a trust fund and to be managed by the Corporation.
Such trust fund may be used to finance premium rebate or
premium credit applicable to the immediately following crop
seasons as determined by the Board of the Corporation.

SEC. 16. Commission on Audit. - The commission on Audit shall
be the ex officio auditor of the Corporation.

SEC. 17. Legal Counsel - The Corporation shall have its own Legal
Department, the Chief and members of which shall be appointed
by the Board.

SEC. 18. Interagency Linkages. - (a) To support and promote the
operation of the Corporation, all government departments,
bureaus offices, agencies and instrumentalities, national or local
all lending institutions, government or private, now or hereafter
engaged in the supervised credit program to farmers and fisherfolk
and such other public or private entities as may be called upon by
the Corporation, shall act as cooperating agencies to the
corporation and, for this purpose, are hereby directed to design
their policies, programs, rules and regulations so as attune and
synchronize them with the objective of the Corporation.

(b) All lending institutions granting production loans for
palay, corn and other crops under supervised credit program of
the government shall automatically act as underwriters for and on
behalf of the Corporation. As such they shall receive and process
applications for insurance coverage; approve those found in order
and collect premiums therefor, premiums so collected,
together with the premiums payable by the lending institution
itself, shall be remitted to the Corporation in the manner and
within such period as may be prescribed by the Corporation.

SEC. 19 Utilization of Profits — the profits of the Corporation shall
be determined on a calendar year basis and the manner of its
distribution shall be determined by law.

SEC. 20. Exemption from taxes ~ In furtherance of the effective
achievement of the purposes of this Act, the Corporation shall

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continue to be exempted to the extent allowed by national policy
from all national, provincial municipal and city taxes and
assessments now enforced: Provided, that said exemption shall
apply only to such taxes and assessments for which the
Corporation itself would otherwise be liable and shall not apply to
taxes and assessments payable by persons or other entities doing
business with the Corporation.

SEC. 21. Penal provisions. - (a) Any person who through
malfeasance or misfeasance or nonfeasance allows a spurious
claim to be paid, including the claimant himself, shall upon final
conviction be punished by imprisonment of not less than three (3)
years but not more than eight (8) years or a fine of not less than
one hundred thousand pesos (P100,000.00) but not more than six
hundred thousand pesos (600,000.00), or both imprisonment and
fine at the discretion of the court. The PCIC personnel who allowed
the commission of the offense shall, in addition, be dismissed from
office, and forfeit all privileges and benefits which may accrue to
such personnel.

(b) any person or entity granting production loan for palay
under the supervised credit program of the Government without
requiring crop insurance therefor or having collected premiums
from farmers, would fail to remit the same within the time and
place specified in the rules and regulations of the Corporation
shall, upon conviction, be punished by a fine not exceeding ten
thousand pesos (P10,000.00) or imprisonment of not exceeding six
(6) months, or both, at the discretion of the court.

(c) Any person or entity who shall violate any provision of
this Act or any rule or regulation issued for its implementation, for
which no penalty is provided, shall be deemed guilty of a penal
offense and, upon conviction, be punished by a fine not exceeding
five thousand pesos (5,000.00) or imprisonment of two (2) months,
or both at the discretion of the court.

Whenever any violation of the provisions of this section is
committed by a corporation or association, or by a government
office or entity, the executive officer or officers of said corporation,
association, or government office or entity who shall have
knowingly permitted or failed to prevent, said violation shall be
held liable as principal.

SEC. 22. Applicability of Presidential Decree No. 612, as Amended.
~ The provisions of the Insurance Code insofar as they are not in
conflict or inconsistent with or repugnant to the provisions of this
Act shall apply to the Corporation.

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SEC. 23. Term of Existence and Periodic Review. - The
Corporation’s term of legal existence, which was set to last for fifty
(50) years starting from the date of approval of Presidential Decree
No. 1467 on June 11, 1978, shall continue and is hereby affirmed.
To ensure the Corporation’s continuing relevance, the PCIC Board
shall undertake periodic review of the Corporation’s activities and
shall submit to both House of Congress at least once a year a
report which shall include, among others, a recommendation for
improving services to the target sectors and the financial viability
of the Corporation.

SEC. 24. Separability Clause. ~ If any provision or part hereof is
held unconstitutional or invalid, the other provisions not affected
shall remain in force and effect.

SEC. 25. Repealing Clause. - Presidential Decree No. 1467,
Presidential Decree No. 1733, Republic Act No. 8175, and all other
laws, executive orders, and other issuances or parts thereof
inconsistent with this Act are hereby repealed or modified
accordingly.

SEC. 26. Effectivity. This Act shall take effect fifteen (15) days
after its publication in the Official Gazette or in a newspaper of
general circulation.

Approved,

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