5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Stock

Agricultural output likely shrank in Q2 due to El Niño

by
August 4, 2024
in Stock
0
Agricultural output likely shrank in Q2 due to El Niño
Dry soil is seen on a field in San Jose, Occidental Mindoro, March 1, 2024. — PHILIPPINE STAR/EDD GUMBAN

By Adrian H. Halili, Reporter

THE PHILIPPINES’ overall agricultural output may have declined in the second quarter after crop production likely bore the brunt of droughts caused by the El Niño weather phenomenon, analysts said.

University of Asia and the Pacific (UA&P) Center for Food and Agribusiness Executive Director Marie Annette Galvez-Dacul said in a Viber message that farm production likely fell by 1.5% to 2.5% in the April-to-June period due to El Niño.

If realized, this would be worse than the 1.3% decline in the value of production in agriculture and fisheries seen in the second quarter of 2023. It would also be a reversal of the 0.05% growth in the first quarter of 2024.

El Niño, which began in June 2023, brought below-normal rainfall conditions, dry spells and droughts that affected crop production.

In early June, the state weather bureau declared the end of the El Niño although dry spells persisted in some parts of the country.

“I am expecting a drop due to the lingering effects of El Niño during the second quarter. Some of the crops may have survived, but output and productivity would have been affected due to water stress,” Federation of Free Farmers National Manager Raul Q. Montemayor said in a Viber message.

The Philippine Statistics Authority is set to release second-quarter data on farm output on Aug. 7 (Wednesday). The agriculture sector contributes about a tenth of the country’s gross domestic product (GDP) and provides around a quarter of all jobs.

UA&P’s Ms. Dacul said she expected a decline in crops and fisheries output in the second quarter due to the unseasonably warm weather brought by El Niño.

The crop subsector contributes more than half to the country’s overall agricultural production. As of the first quarter, rice contributed about 20% to the total, while corn accounted for 8%.

On the other hand, Philippine Chamber of Agriculture and Food, Inc. President Danilo V. Fausto said farm growth for the second quarter was likely flat.

“(El Niño) didn’t hit too hard but there was still an effect. So, whatever we are expecting to have an increase in yield, in output, it might be dampened because of the El Niño,” Mr. Fausto said in a phone call.

Farm damage due to El Niño totaled P15.3 billion, with rice and corn being the most affected crops, according to the Department of Agriculture’s (DA) final bulletin issued on Aug. 2.

The DA reported that total crop damage was at 784,344 metric tons covering 270,855 hectares of farmland, of which 68% or 184,182 hectares were deemed recoverable. It had affected 333,195 farmers and fisherfolks.

Ms. Dacul said that the poultry sector likely posted an increase in output in the second quarter, while livestock production may have been flat.

LA NIÑAThis year, the DA is targeting 1-2% agricultural growth, accounting for the effects of the El Niño and La Niña weather events.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said last month that the DA’s target would be achievable if no major typhoons hit the country during the second half of the year.

“For the second half, we are challenged because of La Niña. So, the agriculture sector really will be (impacted by it),” Mr. Fausto said.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration said that there is a 70% likelihood of La Niña occurring during the months of August, September, and October. It would increase the likelihood of tropical cyclone activity in the coming months.

Roehlano M. Briones, a senior research fellow at the Philippine Institute for Development Studies, said that agricultural growth would likely be at 1% for the full year if the livestock, poultry and aquaculture subsectors recovered.

“The start of rains in July would have helped farmers recover, but the recent typhoon shows how unpredictable the weather can be and how vulnerable agriculture is to natural calamities,” Mr. Montemayor said.

However, former Agriculture Undersecretary Fermin D. Adriano said in a Viber message that it is unlikely that the agricultural output would hit the DA’s target for the year.

“Now with incoming La Niña, further crop damage will be experienced. Assuming the optimistic projection is true, where will growth come from?” he asked.

Previous Post

PSE to submit formal PDS buyout offer this week

Next Post

GDP growth picked up in Q2 — poll

Next Post
GDP growth picked up in Q2 — poll

GDP growth picked up in Q2 — poll

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    One in six UK workers struggling to pay bills as second jobs hit record high

    One in six UK workers struggling to pay bills as second jobs hit record high

    July 12, 2025
    JuanHand earns Green Flag recognition from Filipino Fair Loans Advocacy Group (FILFLAG)

    JuanHand earns Green Flag recognition from Filipino Fair Loans Advocacy Group (FILFLAG)

    July 11, 2025
    United under one roof: How Puregold brought generations of OPM together in the Philippine Arena

    United under one roof: How Puregold brought generations of OPM together in the Philippine Arena

    July 11, 2025
    UK government considers rescue deal for Speciality Steel amid fears of collapse

    UK government considers rescue deal for Speciality Steel amid fears of collapse

    July 11, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.