The Philippines is one of the world’s fastest-growing nations. Although economic activity slowed during the 2020 Covid-19 pandemic period, stimulus measures, imminent public sector policies and a larger budget are expected to create jobs, generate growth and help kick-start the country’s recovery during 2021.
With the outbreak of the novel coronavirus disrupting agricultural links to consumers, the Philippine government has sought to bolster food security by providing farmers with financial support and forming new localised supply chains. While these reforms have helped, a number of technological solutions also have the potential to strengthen the industry through greater access to finance.
What will be the impact of lifting limits on rice imports and the introduction of the Rice Tariffication Act on the agriculture sector?
In February 2019 President Rodrigo Duterte ratified the Rice Tariffication Law, which was passed by the legislature in November 2018. The new law, which went into effect on March 5, lifts quantitative restrictions on rice imports and eliminates the role of the National Food Authority (NFA) regarding imports, thus allowing licensed private...
Driven by economic reform and robust domestic consumption, the Philippines now ranks among the fastest-growing economies in the world, after seven consecutive years of GDP growth above 6%. Despite this, however, the agriculture sector has struggled to reach its true potential. While the country is well positioned to tap into new export markets...
Global food demand is expected to increase by anywhere between 59% to 98% by 2050. However, global freshwater resources are already overstretched due to climate change and soaring population growth, and it is unclear how agricultural production will keep up with these challenges. In recent years climate-induced water shortages in urban areas...
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