NextGen Day

Manila, Philippines – The Philippines experienced a 1.3% contraction in its agricultural production during the second quarter of the year, as reported by the Philippine Statistics Authority (PSA). Data disclosed on Wednesday revealed that the value of agricultural and fisheries production, using constant 2018 prices, totaled PHP 427.69 billion. This marked a decrease from last year’s PHP 433.10 billion during the same period.

The primary factor contributing to this decline was a reduction in the value of fisheries production. Specifically, the fisheries sector saw a significant decrease of 14.2%, with a valuation of PHP 58.81 billion.

Regarding fish species, all except tiger prawn and round scad recorded negative growth in the year’s second quarter.

On a more positive note, crop production experienced growth of 1.2%, amounting to PHP 240.83 billion.

According to the PSA, the value of palay (unhusked rice) production rose by 1.1%, reaching PHP 85.96 billion from PHP 85.05 billion during the second quarter of 2022. Conversely, corn production declined by 0.8%, reaching PHP 21.11 billion.

Livestock expanded by 0.7%, reaching PHP 63.50 billion, largely due to increased hog production.

The value of poultry production also witnessed growth, increasing by 1.5% to PHP 64.54 billion.

Michael Ricafort, the Chief Economist of Rizal Commercial Banking Corporation (RCBC), highlighted several factors that might have contributed to this trend. He pointed out that elevated prices could have led to higher input costs for the agriculture sector, partly influencing the year-on-year output decline.

Ricafort suggested, “Adverse weather conditions could have also dragged on output, especially from late 2022 to early 2023, due to storm damage related to shear lines, particularly in Southern Philippines.”

He added that increased imports of specific agricultural products might have acted as alternatives to local production. Additionally, higher fuel costs could have impacted the fisheries sector and other parts of agriculture, potentially diminishing profit margins and farmer and fisherfolk incomes. This, in turn, could have adversely affected overall output, particularly if there was a risk of losses due to the required capital investment.

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While the Philippines faced a contraction in agricultural production during the second quarter, it’s important to consider the various contributing factors. Adverse weather conditions, changing market dynamics, and increased import alternatives might have affected this decline. Despite these challenges, the growth in certain sectors and crops underscores the resilience of the agricultural industry.

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