Agriculture dominates Philippine economy. It furnishes employment to about 3 million persons or about 60 per cent of the gainfully employed workers. Agricultural operations provide 40 to 45 per cent of the total national income and about 75 to 80 per cent of the country’s exports.
What is the importance of agriculture in Philippine economy?
The sector is important for inclusive growth, with agriculture being the key driver of the economy in the rural areas where most Filipinos live (but where poverty incidence remains high). 2 Agriculture remains a major source of employment, with about 36% of the total employed population working in the sector.
Why is agriculture important in our economy?
Agriculture plays a major role in economic growth and development. As the provider of food it is a cornerstone of human existence. As a furnisher of industrial raw materials it is an important contributor to economic activity in other sectors of the economy.
Why is agriculture the backbone of Philippine economy?
Agriculture is considered the backbone of the Philippine economy because it employs about 40 percent of Filipino workers. Unfortunately, it only contributes an average of 20 percent to the Gross Domestic Product. For the longest time, government neglect of the sector has worsened the poverty situation in rural areas.
Why is agriculture important in the Philippines 2020?
MANILA, September 9, 2020— Transforming Philippine agriculture into a dynamic, high-growth sector is essential for the country to speed up recovery, poverty reduction and inclusive growth, according to the latest report released by the World Bank.
Why agriculture is important in the Philippines essay?
Agriculture is important because it is the Filipinos’ main employment and everyone are engaged in it, even children. Most of Filipinos should be wealthy with the use of our agriculture. Hence, it is still one of the social problems here in the Philippines.
How important is agriculture in the Philippine economy Quora?
Agriculture accounts for 30% of the Filipino employment as of 2014. Agriculture contributes 11% to the country’s GDP as of 2014. Aside from its contribution on employment and economy, agricultural products are the main, if not the only source of our food.