Given the situation:
IFR student under the hood on a VFR day,
any other rated pilot as safety pilot,
I thought the safety pilot could log PIC...?

Another OWT?

Half so.

This situation is one in which two the safety pilot is a required
crewmember. If the safety pilot is =also= acting as pilot in command,
then he or she may log PIC time (during the VFR conditions while the PF
is under the hood) under 61.51(e)(1)(iii). If the safety pilot is not
acting as pilot in command, then he or she may log SIC time.

Jose
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