Philippine agriculture

Paeng’s damage to agriculture hits P1.3 billion, likely to push inflation up

Ralf Rivas
Paeng’s damage to agriculture hits P1.3 billion, likely to push inflation up

FISHING BOATS. Men secure their boats following heavy rain brought by Severe Tropical Storm Paeng (Nalgae) in Manila, October 29, 2022.

Lisa Marie David/Reuters

So far, rice accounts for nearly all of the agricultural damage due to Severe Tropical Storm Paeng (Nalgae)

MANILA, Philippines – Severe Tropical Storm Paeng (Nalgae) has wiped out at least P1.3 billion worth of agricultural goods, the latest assessment of the Department of Agriculture (DA) showed on Monday, October 31.

Damage and losses have been reported in the Cordillera Administrative Region, Central Luzon, Calabarzon, Mimaropa, Bicol, Western Visayas, Zamboanga Peninsula, and Soccsksargen, affecting 53,849 farmers and fisherfolk, with volume of production loss at 66,963 metric tons and 64,607 hectares of agricultural areas.

Rice accounted for nearly all of the damage, with a total value loss of P1.2 billion.

Other damaged goods included corn (P5.6 million), high value crops (P60 million), livestock and poultry (P1.9 million), and fisheries (P16 million).

The following forms of assistance are available for distribution to affected farmers and fisherfolk:

  • Rice, corn, and assorted vegetable seeds
  • Drugs and biologics for livestock and poultry
  • Fingerlings and assistance to affected fisherfolk from the Bureau of Fisheries and Aquatic Resources
  • Survival and Recovery (SURE) Loan Program from the Agricultural Credit Policy Council with loanable amount of up to P25,000 payable in three years at zero interest
  • Quick Response Fund for the rehabilitation of affected areas.

Losses in agricultural goods further put pressure on inflation.

The Bangko Sentral ng Pilipinas on Monday estimated inflation in October hitting between 7.1% and 7.9% on the back of transport fare hikes, elevated domestic petroleum prices, higher agricultural commodity prices due to recent storms, and the depreciation of the peso. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.