The government is not keen on privatizing the Philippine Crop Insurance Corp. (PCIC) and will instead explore the involvement of the private sector in reinsurance, Finance Secretary Carlos Dominguez 3rd said. "Privatization of PCIC is not being considered to this time," Dominguez told reporters in a Viber message on Sunday. Finance Undersecretary Gil Beltran earlier said earlier that the Department of Finance (DoF) is supporting several bills that aim to convert PCIC into a reinsurer or privatize the firm. Dominguez said, however, that the DoF is looking at involving the private sector through tools such as reinsurance of agricultural risks. Under EO 148, the PCIC Board will be headed by the Finance secretary while the Agriculture secretary will serve as the vice-chairperson.

Source: Manila Times September 19, 2021 14:15 UTC