To cover the crop insurance premium of subsistence farmers and fisherfolks in the country, Department of Budget and Management (DBM) Secretary Mina F. Pangandaman has authorized the issuance of a Special Allotment Release Order (SARO) with a total amount of ₱4.5 billion and its corresponding Notice of Cash Allocation (NCA) for the 1st Quarter of the year in the amount of ₱900 million to the Philippine Crop Insurance Corporation (PCIC).

"In light of the escalating challenges posed by climate change, which heightens the risks to both our economy and food security, it becomes imperative to prioritize the provision of financial security and insurance to empower our farmers and fishermen. This assistance is intended to help them safeguard their means of living, ensuring they can continue their activities despite unforeseen events," Secretary Pangandaman said.

Earlier this year, President Ferdinand R. Marcos Jr. reassured farmers of heightened government support in all their efforts to ensure a sustainable harvest, emphasizing that every seed sown will contribute to a robust and prosperous future.

"Ang ating pagtutulungan na mapaunlad ang ating sector ng agrikultura ay isa lamang sa mga pangunahing hakbang tungo sa pagbuo ng isang Bagong Pilipinas— kung saan walang nagugutom at ang lahat ay masigabong kumikilos para sa mas masaganang kinabukasan," 

the President expressed.

In 2023, the PCIC was able to insure more than 2.3 million farmers and fisherfolks listed under the Registry System for Basic Sectors in Agriculture (RSBSA). This exceeded the target number of beneficiaries by 44,855.

For this year, PCIC's authorized appropriation of P4.5 billion under the FY 2024 General Appropriations Act (GAA) is expected to cover the full cost of crop insurance premiums of over 2.292 million targeted farmers.

The corporation’s primary mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases, and pest infestations of crops as well as against damage to or loss of non-crop agricultural assets including but not limited to machinery, equipment, transport facilities, and other related infrastructures due to perils insured against.

Secretary Pangandaman signed the release order on March 19, 2024.