Agriculture plays a major role in boosting the economy of Philippines, with agriculture contributing 8.9 % in the GDP of Philippines. To further boost its economy and promote agriculture in Philippines the country has now decided to import more agricultural products over the next decade.
Philippines will be Among the Developing Countries Forecasts OECD & FAO
Paris-based Organization for Economic Cooperation and Development (OECD) and the United Nations’ (UN) Food and Agriculture Organization (FAO) have forecasted that the Philippines will be among the developing countries that are believed to substantially drive agricultural trade from 2025 to 2034. As per the reports published by the OECD and FAO Philippines is anticipated to experience net imports rise in proportion to their increasing consumption.
Expected Increase in Import can be Attributed to Significant Rise in Population
Based on the 2020 census by the Philippine Statistics Authority (PSA), the country’s population stood at 109 million, which is to grow to over 120 million by 2030.