Created under Presidential Decree (PD) 1467 in 1978 and amended under PD 1733 (1980)and Republic Act 8175 (1995), the PCIC operates as a business corporation and does not receive budget from the government for its administrative operations. Prior to 2009, PCIC is the sole public-sector crop insurance company.
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With regards to livestock, PCIC has tied-up with a pool of private insurers
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the Philippine Livestock Management Services Corporation(PLMSC). The PLMSC has 14 participating insurers including the Government Service Insurance System