Published May 13, 2021, 10:30 AM
The Philippines is now under a state of calamity for a period of one year due to African Swine Fever (ASF), but the government’s Bureau of Animal Industry (BAI) said recovery of the local hog sector is expected to happen in 2023 yet.
During the European Chamber of Commerce of the Philippines (ECCP) webinar BAI Director Reildrin Morales said it will take two to three years for the local hog raisers – who already lost a combined amount of P68 billion due to ASF, to recover from the dreaded virus.
“We are looking two to three years. Given the momentum that we have, it will be good enough for us to get a good handle of ASF,” Morales said.
Published May 13, 2021, 12:24 PM
The Philippines is seen producing less of its two main staples, rice and corn, this year, resulting in more importation, data from the United States Department of Agriculture (USDA) showed.
In its latest report, USDA’s Foreign Agricultural Service (FAS) adjusted downward for the second time the Philippines’ rice imports and production.
(MB file, Keith Bacongco)
From the first forecast of 2 million metric tons (MT), FAS said the Philippines may actually import 2.1 million MT.
“With a small crop, the country is forecast to import more to satisfy rising demand,” FAS said.
As for milled rice production, FAS forecasts the Philippines to produce only 12.3 million MT during the marketing year for 2021/2022, which is lower compared to its earlier forecast of 12.4 million MT.
Central Luzon eyes quick, sustained economic recovery
Philippine Information Agency
13 May 2021, 18:38 GMT+10
CITY OF SAN FERNANDO, Pampanga, May 13 (PIA) Central Luzon is eyeing a quick and sustained economic recovery to cope up with the losses brought by the COVID-19 pandemic.
National Economic and Development Authority (NEDA) OIC-Regional Director Agustin Mendoza underscored the need for a V-shaped rebound as Central Luzon s economy posted a highest contraction of -13.9 percent among other regions in terms of growth rate for 2019-2020. It is exceedingly necessary to reinforce our policies and interventions to ensure that the economy will not drop and shall be able to cascade to all the windfalls of robust and lasting recovery, he said.
Published May 14, 2021, 12:00 AM
The country’s economy shrank in the first three months of the year, marking its fifth straight quarter of recession triggered by a prolonged pandemic. According to the Philippine Statistics Authority (PSA), gross domestic product (GDP) contracted by 4.2 percent in January to March, worse than the minus 0.7 percent registered a year earlier, but better compared with minus 8.3 percent in the final three months of 2020.
While public spending increased at its fastest pace in three quarters, expanding by 16.1 percent, all major sectors of the economy contracted in the first quarter. Household consumption, which accounts for more than 70 percent of GDP, failed to gain momentum as it declined anew by minus 4.8 percent for the fourth straight quarter. Lower spending is clearly an offshoot of the elevated unemployment rate with 3.44 million jobless Filipinos as of March.
NCR building material bulk prices hit 18-month high
May 13, 2021 | 7:39 pm
PHILIPPINE STAR/ MICHAEL VARCAS
BULK PRICES of construction materials in Metro Manila grew at the fastest rate in 18 months in April, the Philippine Statistics Authority (PSA) said Thursday.
The construction materials wholesale price index rose 2.4% in April, against growth of 2.2% in March and 1.5% in April 2020.
The index gains were also the highest in 18 months, or since the 2.6% increase in October 2019.
The PSA said the April outcome was most influenced by the following commodity groups: fuels and lubricants (22.3% from 6.8% in March); PVC pipes (2.6% from 0.6%); electrical works (2.5% from 1.5%); concrete products and cement (1.6% from 1.2%); and doors, jambs, and steel casements (1.4% from 1.2%).