The government of the Philippines is said to be looking at sources of reinsurance capital to underpin the Philippine Crop Insurance Corporation (PCIC) scheme, while parametric triggers are also being explored to make the coverage more widely available and responsive.
Artemis understands that there is a desire to make the Philippine Crop Insurance Corporation (PCIC) scheme more resilient to losses and to protect taxpayers from having to shoulder any costs after particularly bad years for the countries crops.
Recently, outgoing Finance Secretary Carlos Dominguez III put the PCIC under the supervision of the Insurance Commission (IC), in response to challenges it has faced.
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