Agriculture Sector Weakened In Q2

The Philippine Statistics Authority (PSA) reported that the country registered a decrease in food and agricultural production in the second quarter, mainly due to a decline in fish catch, although the farm sector still exhibited growth from January to June.

Photo Insert: Crop production, which was valued at P240.83 billion, grew by 1.2 percent. It shared 56.3 percent of the total value of production in agriculture and fisheries.

Data from the PSA showed on Wednesday, Aug. 9, that agriculture and fisheries production posted a contraction of 1.3 percent from April to June 2023, a more significant decline compared to the 0.5 percent decrease recorded in the same period last year.

This deceleration also marks a reversal from the 2.1 percent growth registered in the first quarter of 2023.

It also reported that crop production, which was valued at P240.83 billion, grew by 1.2 percent. It shared 56.3 percent of the total value of production in agriculture and fisheries. The value of palay output increased by 1.1 percent, while corn declined by -0.8 percent.

Livestock, accounting for 14.8 percent of the total value of agriculture and fisheries output at P63.50 billion, grew by 0.7 percent. The hog sector, which is the main contributor to livestock, increased by 1.0%.

Meantime, the value of poultry production at P64.54 billion was 1.5 percent higher than last year’s same quarter level.

It accounted for 15.1 percent of the total value of production in agriculture and fisheries. Chicken and duck exhibited improvements in the value of production during the period. The agriculture and fisheries sector accounts for about a tenth of the country’s economy, as measured by the gross domestic product (GDP).

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