In 2014, the country's Gross National Income (GNI) grew by 5.78 percent. Gross Domestic Product (GDP) registered a 6.13 percent increment. Gross Value Added (GVA) in agriculture and fishing went up by 1.60 percent. This sector accounted for 10 percent of the GDP.
Production Performance in Agriculture.
Gross output in agriculture inched up by 1.40 percent in 2014. Among the subsectors, crops recorded the highest production growth rate at 2.50 percent. Production gains were posted by palay at 2.87 percent and corn at 5.33 percent. Output declines were recorded for coconut, coffee, mongo, calamansi and camote.
On the average, prices received by farmers for their produce in 2014 were 11.13 percent higher than the 2013 levels. Prices of cereals and commercial crops had the biggest increments corresponding to 19.28 percent and 22.87 percent. Price gains were also recorded for fruits at 6.26 percent, livestock at 6.01 percent, poultry at 6.11 percent and fishery at 3.06 percent. Meanwhile, prices of vegetables and legumes were down by 2.56 percent and rootcrops and tubers by 11.01 percent.On the other hand, the prices paid by consumers for food and non-alcoholic beverages were up by an average of 6.68 percent.
The country's earnings from agricultural exports increased by 5.78 percent in 2014. Top earners were coconut oil and fresh banana which contributed 37 percent to the total value of agricultural exports. Major markets for coconut oil were United States of America and the Netherlands and for fresh banana, Japan and China.
Employment and Wages
Excluding Eastern Visayas, labor force in 2014 totaled 40.05 million persons. Employment rate was 93 percent. About 11.21 million persons were employed in the agriculture sector and this comprised 30 percent of the national employment. In the first half of 2014, the daily nominal wage rates received by palay and corn farm workers were P287.52 and P230.36, respectively.
Agricultural Support Services
In 2014, government expenditures for the agriculture sector amounted to P112.09 billion or 19.03 percent higher than the 2013 record. The amount was 4.95 percent of the total national expenditures.