Led and funded by the Land Bank of the Philippines (LBP), the study included
representatives from the private insurance industry, the cooperative movement, the State
University and other private agencies, technical personnel from the Departments of
Agriculture (DA) and Agrarian Reform (DAR), and actuaries from the Armed Forces of
the Philippines (AFP). Results of the study were later on approved by the President of the
Philippines, ushering in the creation of the Philippine Crop Insurance Corporation
(PCIC). Through Presidential Decree No. 1467, promulgated on 11 June 1989, the
insurance program was operationalized.