Philippines farm output growth aim to 0.5 percent to 1.5 percent

The Philippine farm output target for the year has been downgraded to 0.5 percent to 1.5 percent from 3 percent previously following extensive damage wrought by two recent typhoons on farmlands, Agriculture Secretary Arthur Yap said Wednesday (October 14).

Based on the latest report, typhoon damage could cost the economy 0.3-0.4 percentage points, Finance Secretary Margarito Teves said.

The damage so far stands at PHP16 billion, according to the National Disaster Coordinating Council.

Despite the devastation, the government is still maintaining its official gross domestic product growth target of 0.3 percent to 0.4 percent as it is looking at compensating factors such as increased remittance, Teves added.

The central bank also said Wednesday inflows may rise 4 percent from a year ago.