A series of powerful typhoons that struck the Philippines in recent weeks has caused extensive damage to the country’s agricultural sector, posing a significant challenge to economic growth in the final quarter of 2024.
Arsenio Balisacan, Secretary of the National Economic and Development Authority (NEDA), expressed concern over the economic repercussions of these natural disasters. Speaking with Nikkei in late November, Balisacan emphasized the unavoidable nature of such events.
“You cannot control typhoons,” he said. “Unfortunately, those typhoons came in succession, and the impact of those on the gross domestic product [GDP] will be felt.”
The typhoons caused widespread destruction in key agricultural regions, severely disrupting production. This setback is expected to weigh heavily on the country’s GDP performance, as agriculture remains a critical pillar of the Philippine economy.
The Philippine government had projected steady growth in the latter half of 2024. However, the successive typhoons have forced a reevaluation of these expectations. Analysts warn that recovery efforts could take months, with the agricultural sector requiring targeted support to restore productivity.
Balisacan underscored the need for strategic interventions to mitigate the long-term economic impact of such disasters. “Resilience-building and investment in disaster mitigation are crucial to minimize future economic disruptions,” he noted.
The Philippine government is expected to roll out relief measures for affected farmers and explore strategies to bolster disaster preparedness as the nation grapples with the aftermath of these devastating storms.
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