Farm sector to post strong growth in 2011
The agriculture sector, plagued this year by the dry spell brought about by the El Niño phenomenon, is expected to recover in 2011, and post a strong 2.8% to 3.8% growth, the inter-agency Development Budget Coordination Committee (DBCC) said on Friday.
The 2011 farm output projection of the DBCC, which is tasked to set the country’s macroeconomic targets, is a major turnaround from the measly 0.1% to 1.1% growth seen for this year.
The farm sector which comprises a fifth of the Philippines’ gross domestic product, and accounts for more than half of the country’s workforce, was badly affected by the El Niño-induced dry spell this year. So far, crop damage already exceeded P12 billion, higher than the Department of Agriculture’s estimate of P11 billion.
Next year’s recovery will be helped in part by the distribution of quality breedstock that will boost the sector’s productivity next, the DBCC said. On the other hand, the fisheries subsector, will benefit from the introduction of new varieties, the proliferation of mariculture parks, and the continued implementation of various conservation activities.
The growth in agriculture, fishery and forestry will be strengthened further by the possible increase in foreign direct investments — if the country is successful in embarking on complementary industries such as power and energy, and irrigation projects, the Department of Budget and Management said in its website. ABS-CBN News
