According to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, During the July-September period, the Philippines' farm and fisheries annual production by value decreased for the second consecutive quarter as agricultural and fisheries output decreased. However, the rate of loss moderated, lessening the impact of the rural sector on growth.
According to data released by the Philippine Statistics Authority (PSA) on November 8, livestock and poultry output increased 2.5% and 2.9% in the third quarter, respectively, offsetting the 0.4% and 6.1% decline in crop and fisheries production.
Almost half of the product produced by the agriculture industry is made up of crops. According to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, the agriculture sector contributes less than 10 percent of the total production of the domestic economy.
During the September quarter, according to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, the nation's paddy rice crop increased by 0.2% over the previous year, which was less than the 1.1% growth of the previous quarter.
The government was closely observing the possible effects of El Nino on food prices, according to President Ferdinand Marcos Jr., who previous recently resigned from his position as secretary of agriculture and gave the position to an executive from a local corporation.
According to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, the consumer price index for the Philippines, which includes food as half of its total price, increased 4.9% in October after rising 6.1% in September, but this was insufficient to allay concerns about inflation held by the central bank.
As the risk to its inflation projection through 2025 was heavily skewed to the upside, the central bank warned late on November 7 that it was ready to take further policy action if required to fix inflation expectations.
Concerned that inflation would get out of control, it provided an off-cycle boost of 25 basis points last month. With an average inflation rate of 6.4% so far this year, it is still much higher than the comfortable range of 2% to 4%.
The 3rd quarter annual economic growth figures, which are scheduled for release on Thursday, would be available by the time the central bank convenes on November 16. Second-quarter growth of 4.3% would be surpassed in the third quarter, according to Finance Secretary Benjamin Diokno.
Additionally, according to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, the statistics office said on November 8 that the nation's jobless rate increased slightly from 4.4% to 4.5% in September.
