MANILA, Philippines — Damage inflicted by the El Niño dry spell to the farm sector has hit nearly P8 billion, the National Disaster Risk Reduction and Management Council reported Friday.
According to the NDRRMC, an estimated P7,962,521,866 worth of crop damage was reported in Regions CAR, I, II, III, CALABARZON, MIMAROPA, V, Vl, VIII, IX, X, XI, XII and BARMM.
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Meanwhile, a total of 247,610 farmers were affected by the drought.
Although reports suggest a milder occurrence this year, economists say the El Niño dry spell remains a threat to the country’s inflation target.
The Bangko Sentral ng Pilipinas has said it remains on guard against risks to its inflation outlook amid threats posed by El Niño and rising oil prices in the world market.
Agriculture production has historically contributed about a tenth to gross domestic product and accounted for a fourth of employed persons. — Ian Nicolas Cigaral