Given the vulnerability of the Philippines to natural disasters such as typhoons, floods
and droughts which wreak havoc on crops and cause untold miseries to agricultural
producers and lenders of agricultural credit, an Inter agency Committee for the
Development of the Philippine Crop Insurance System (IAC-PCIS Study Group) was
created in 1976. The team undertook a nine-month full-blown feasibility study covering
the marketing, technical, management and financial aspects of a crop insurance program
in the Philippines.