The agriculture sector has always been a priority for the Philippine government given the role it plays in the economy. At the start of his term, President Ferdinand Marcos Jr. — who had promised to lower rice prices to P20 per kilo as a candidate — even assumed the portfolio as the country grappled with rising inflation.
Rice prices may still be far off from the promise but his successor, Francisco Tiu Laurel Jr., claims that gains have been made regarding overall productivity and, by extension, food security and economic growth.Allocations for the sector have been increased, with the Department of Agriculture 's budget up some 31 percent this year to P208.58 billion, compared to 2023's P158.16 billion allocated in 2023.
Earlier this year, the government announced that farmers had produced a record 20 million metric tons of palay in 2023, 1.5 percent higher than the 19.76 million MT posted a year earlier. In relation to this, rice imports last year were lower at 3.6 million MT, compared to the 3.82 million MT shipped in 2022.During the first quarter of 2024, imports of farm goods also dropped by 0.3 percent to $4.34 billion from $4.36 billion last year, data from the Philippine Statistics Authority showed.
Gains Seen For Agriculture Sector
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