Amending Presidential Decree No. 1467 Creating The "Philippine Crop Insurance Corporation" By Adding Penal Sanctions Therein
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Amending Presidential Decree No. 1467 Creating The "Philippine Crop Insurance Corporation" By Adding Penal Sanctions Therein
Presidential Decree No. 1733
October 21, 1980
Case Overview and Summary
Summary of Presidential Decree No. 1733Amending Presidential Decree No. 1467 on Philippine Crop Insurance Corporation
- Participation in palay crop insurance is compulsory for farmers obtaining production loans for palay under the supervised credit program. (Section 1)
- Lending institutions cannot approve or grant production loans for palay under the supervised credit program unless covered by crop insurance. (Section 1)
- "Supervised credit program" means the production credit program where the farmer agrees to apply proven farm practices, follow the approved farm plan and budget, and be supervised by accredited agricultural production technicians. (Section 1)
- Lending institutions granting production loans for palay under the supervised credit program shall act as underwriters for the Philippine Crop Insurance Corporation. (Section 2)
- Lending institutions shall receive and process insurance applications, approve eligible ones, and collect premiums to be remitted to the corporation. (Section 2)
- Penalties for violations:
- Granting production loan without requiring crop insurance or failing to remit collected premiums: Fine up to ₱10,000 or imprisonment up to 6 months, or both. (Section 3)
- Violating any provision of the decree or regulations: Fine up to ₱5,000 or imprisonment up to 2 months, or both. (Section 3)
- For corporations or associations, executive officers who permitted or failed to prevent violations shall be held liable. (Section 3)
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Executive Issuances
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crop insurance
palay
farmers
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supervised credit program
agricultural production technicians
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Amending Presidential Decree No. 1467 Creating The "Philippine Crop Insurance Corporation" By Adding Penal Sanctions Therein
Presidential Decree No. 1733
•October 21, 1980
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1733
AMENDING PRESIDENTIAL DECREE NO. 1467 CREATING THE "PHILIPPINE CROP INSURANCE CORPORATION" BY ADDING PENAL SANCTIONS THEREIN
WHEREAS, under Presidential Decree No. 1467, the Philippine Crop Insurance Corporation was created to provide insurance protection to farmers against losses arising from natural disasters, as well as plant diseases and pest infestation;
WHEREAS, it is the policy of the state to provide integration of the system of crop insurance into the country's economic and social development and for this reason has made the participation therein compulsory for all farmers obtaining production loans for palay under the supervised credit program;
WHEREAS, the effective implementation of the compulsory requirement of the law requires the full support and cooperation of lending institutions participating in the government's supervised credit program;
WHEREAS, to insure the attainment of the objective of the law, there is a need to strengthen Presidential Decree No. 1467 by defining therein the duties and obligations of the said lending institutions and providing penal sanctions for violation of the provisions...
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