The COVID-19 pandemic emphasized the role of agriculture in Philippine economy. When import and export grounded to a halt due to strict social distancing measures, it showed the need for the country to be self-sustainable. With this in mind, the government aimed to strengthen the agricultural sector.
Reviving the agriculture sector during the pandemic
There are three stages to guarantee the Philippines’ survival and recovery from COVID-19: survive, reboot, and grow.
The pandemic has shown the opportunity in which part of the sector needs more support and improvement. Determining these parts allowed the Department of Agriculture (DA) to launch several initiatives that can help farmers be more productive and earn more income. But what role does agriculture play in the Philippine economy?
Role of Agriculture in Economic Development
The National Economic and Development Authority (NEDA) and the Department of Finance (DOF) identified that agriculture and food have a big impact in rebooting the Philippine economy.
As an agricultural country, the Philippines is in the best position to have an agriculture-driven economy. By investing in this sector, there are benefits of agriculture to the economy that can be taken advantage of:
- Agribusiness Opportunities
- Improve Rural Employment
- Rural Development
Rural Banking for Filipino Farmers
Rural banks cater to the needs of farmers, fishermen, and even micro and small enterprises (MSEs). RBAP President Elizabeth Timbol had urged the government to prioritize the rural banks by making them conduits for all the relief measures to affected sectors in the society. This is because they are well-positioned to address their financial needs — and why it’s important to digitize rural banks.
Digitization can make financial services universally accessible for all, particularly to marginalized farmers. This can help solve the long-time problem of our farmers not having access to credit and financing.
Learn more about the role of agriculture and how empowering rural banks can help boost the agriculture sector here!
