Following a slight increase in most agricultural production in the last quarter of 2023 due to improvements in crops, livestock and poultry production value, farm output recorded a 1.2 percent growth rate in the fourth quarter of last year, according to the Philippine Statistics Authority on Wednesday.

The agency reported that the country recorded economic growth of 5.6 percent in 2023, wherein agriculture contributed nine percent of gross domestic product.

“We are pleased that agriculture has contributed positively to [the] growth of the economy last year, but certainly we could do more,” Agriculture Secretary Francisco Tiu Laurel expressed, referring to the agriculture economy as a “low-hanging” fruit for the economy.

He added the DA will improve the sector by providing farmers and fishermen with financial assistance, farming inputs, and pieces of machinery to increase crop production and lower its costs.

The production value in the country’s agriculture and fisheries grew by 0.7 percent in the last quarter of 2023, PSA data showed on Tuesday, wherein the overall value of crop production rose by 2.5 percent and poultry by 3.8 percent. Meanwhile, fishery production decreased by 6.5 percent.

Aside from agriculture, which also covers forestry and fishing, Industry and Services grew by 3.6 percent and 7.2 percent, respectively, last year.

“The main contributors to the fourth quarter 2023 annual growth were: Financial and insurance activities, 11.8 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, 5.2 percent; and Construction, 8.5 percent,” the PSA reported.

Highest palay output

The country recorded in 2023 a palay harvest of 20.06 million metric tons — the largest-ever rice output, said the DA.

Last year’s rice harvest volume was 1.5 percent higher than the 19.76 million MT in 2022 — a trim from the 19.96 million MT rice harvest in 2021.

Due to the high palay yield, the government was able to lower its rice import volume to 3.5 million MT last year from 3.8 million MT in 2022.

According to DA, the agency has a budget of P167.5 billion in 2024 — five percent higher than last year.