Philippine agriculture

Agriculture takes P1.29-billion hit from Karding, adding inflation pressure

Ralf Rivas
Agriculture takes P1.29-billion hit from Karding, adding inflation pressure

AFTERMATH. Residents of Barangay Malanday in Marikina City salvage belongings after rain from Typhoon Karding flooded their community on September 26, 2022.

Alecs Ongcal/Rappler

Typhoon Karding (Noru) ruins bulk of the year's remaining harvest in affected towns, which will likely cause an increase in food prices

MANILA, Philippines – The onslaught of Typhoon Karding (Noru) in Luzon cost the Philippine agriculture sector at least P1.29 billion, initial assessment of the Department of Agriculture (DA) showed.

The DA’s fifth bulletin posted on Tuesday, September 27, said Karding affected at least 82,158 farmers and fisherfolk, with volume of production loss at 72,231 metric tons and 141,312 hectares of agricultural areas. 

Affected commodities include rice, corn, high value crops, livestock and poultry, and fisheries.

Analysts earlier warned the massive damage is likely to drive inflation up, as bulk of the harvest for the rest of the year was affected.

Inflation hit 6.3% in August, with the cost of imports pushed up by higher global interest rates. Economists said inflation has yet to peak and will remain elevated even in 2023.

The DA announced that aid is available for distribution to affected farmers and fisherfolk:

  • P27.47 million worth of rice seeds, P13.23 million worth of corn seeds, and P12.64 million worth of assorted vegetable seeds
  • P2.45 million worth of animal heads, drugs, and biologics for livestock and poultry
  • Fingerlings and fishing paraphernalia from the Bureau of Fisheries and Aquatic Resources 
  • Survival and Recovery Loan Program from the Agricultural Credit Policy Council with a loanable amount of up to P25,000, payable in three years at zero interest
  • P500 million from Quick Response Fund for the rehabilitation of affected areas

The DA updates figures on damage and losses based on data given by its regional offices, which means that the estimates may still go up.

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A study published in 2021 by the Asian Development Bank estimated that from 1990 to 2020, the total impact from storms in the Philippines reached $20 billion or roughly P1 trillion.

On average, local economic activity plunges by 1.7% due to storms. In severe cases, losses can be as high as 23%. – Rappler.com

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author

Ralf Rivas

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