Philippine Agriculture Sector Sees Minimal Growth in Q1 Amidst El Niño Challenges

The Philippine Statistics Authority (PSA) reported that the country's agriculture sector showed minimal growth in Q1-24, with a slight 0.05% year-over-year (YoY) increase in production value. This follows a 0.9% growth in the final quarter of 2023. The crop segment, which accounts for a majority of the total production value, experienced a 0.3% decrease, primarily due to declines in sweet potato, cassava, mongo, and banana production, offset by a significant increase in onion production. The Agriculture Secretary attributed these changes to the El Niño phenomenon, which reduced rainfall and higher temperatures, causing estimated damages of USD 102.2 million (PHP 5.9 billion). Despite these challenges, the government remains cautiously optimistic about the sector's recovery in the upcoming quarter, contingent upon the effectiveness of interventions.