Philippine agricultural growth slows in second quarter

Published Aug 22, 2023

Tridge summary

According to a report by the Philippine "Business Mirror," agriculture in the Philippines is struggling compared to other economic sectors. In the second quarter of this year, agriculture, forestry, and fishery only experienced a minimal increase of 0.2%, with fishery seeing a significant decline of 14%. This has contributed to the rising inflation rate in the country, prompting the government to increase the budget for agriculture and fisheries and establish mechanisms to enhance the competitiveness of rice and support the coconut industry.

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Original content

According to a report by the Philippine "Business Mirror" on August 16, agriculture is still lagging behind among the main economic sectors of the Philippines. In the second quarter of this year, agriculture, forestry and fishery in the Philippines only increased by 0.2%, which was lower than the industry's 2.1% and the service industry's 6. %. After deducting forestry, agriculture and fishery even shrank by 1.3%, which was mainly caused by a 14% decline in fishery. The output value of crops, livestock and poultry increased by 1.2%, 0.7% and 1.5% respectively. Except for tiger shrimp and Except for blue trevally, which increased by 0.9% and 30.1% respectively, all others decreased. Among them, tilapia and milkfish decreased by 4.6% and 19.1% respectively. In addition, sugarcane decreased by 11.3%, corn decreased by 0.8%, and eggs decreased by 2.1% %, live pigs increased by 1%, and popular vegetables such as cabbage and eggplant ...

Source: Foodmate