Ramon Royandoyan (Philstar.com) – August 9, 2021 – 12:46pm
MANILA, Philippines — Agriculture output shrank Inside the second quarter As a Outcome of the sector was upset by declining manufacturing and pandemic pressures.
Farm manufacturing contracted 1.5% yr-on-yr from April to June, reversing 0.5% annual progress in The identical interval final yr, the Philippine Statistics Authority reported on Monday. However, The latest studying eased from 3.4% contraction in first quarter.
In The primary half, farm output fell 2.5% on-yr, making the Division of Agriculture’s watered-down progress goal Of two% for this yr an formidable objective amid threats from strong typhoons that typically go to the nation Inside the second half.
Knowledge confirmed agriculture output, valued at P503.3 billion Inside the second quarter, went down as declines in livestock and fisheries sector offset progress in crop and poultry manufacturing. Nicholas Mapa, senior economist at ING Financial institution in Manila, said extreme base end outcomes from final yr have been Responsible for the droop.
“Base end outcomes are the probably set off for the pullagain in (second quarter) by 1.5% coupled with a potential strong interval for fisheries as mirrored Inside the rising prices for fish gadgets Inside the (shopper worth index) basket,” Mapa said in an e-mail commerce.
“Fisheries and aquaculture have been additionally adverse in 1Q 2021, which additionally contributed to the adverse efficiency of the agricultural sector in that quarter,” he added.
Damaged down, crop manufacturing, which accounts for 56.2% of complete agriculture output, grew 3.1% yr-on-yr Inside the second quarter on the again Of greater manufacturing of palay and corn. Poultry manufacturing grew 2.5% yr-on-yr Inside the second quarter.
However that efficiency was spoiled by lackluster livestock manufacturing, which sagged 19.3% yr-on-yr as hog output dropped 26.2% amid the onslaught of African swine fever (ASF). On The identical time, fisheries declined at an annualized price of 1.1% final quarter on the again of contractions in manufacturing of yellowfin tuna (tambakol), roundscad (galunggong) and threadfin bream (bisugo), amongst completely differents.
Agriculture has traditionally contributed A few tenth to gross home product and employed A few quarter of Filipino staff, but development in completely different financial sectors had left behind the farm enterprise that the Duterte administration is now struggling to revive.
For A whereas, the farm sector was Thought-about the financial system’s saving grace after submiting progress at the onset of the coronavirus pandemic whereas completely different industries have been bleeding. However strong typhoons that smashed the nation late final yr and the lingering ASF outbreak foiled agriculture’s ascent to submit its weakest efficiency in 4 yrs in 2020.
State statisticians will report the second quarter GDP efficiency on Tuesday, with economists like ING Financial institution’s Mapa anticipating a double-digit print for the interval As a Outcome of of base end outcomes.