The country’s value of production in agriculture and fisheries in the first quarter of 2023 was registered at P428.69 billion, representing an annual growth of 2.1 percent, the government reported on Wednesday. Know more:
THE country’s value of production in agriculture and fisheries in the first quarter of 2023 was registered at P428.69 billion, representing an annual growth of 2.1 percent, the government reported on Wednesday.
Palay and corn posted increments in the value of production at 5.2 percent and 3.2 percent, respectively, it added.“It contributed P61.66 billion or 14.4 percent of the overall value of agriculture and fisheries production. In particular, the value of hog production recorded a 5.1-percent improvement,” the PSA said.
Double-digit expansions were recorded for squid at 18.2 percent, tilapia at 10.8 percent, and blue crab at 10.5 percent, it added. “I don’t think it’s appropriate to see it by quarter because it’s not the planting season, so it’s more appropriate to see it by semester and I think the first semester will be okay of this year I expected,” MB member Bruce Tolentino had said at the recent Economic Journalists Association of the Philippines and San Miguel Corp. Annual Business Journalism Seminar.
For his part, Michael Ricafort, chief economist of Rizal Commercial Banking Corp. said the higher growth rate for the first quarter of 2023 may have to do with better weather conditions after some storm/shear line damage in the latter part of 2022 and against a year ago , thereby coming from a much lower base/denominator and mathematically magnified the year-on-year growth rate.
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