Empowering local farmers is very important to strengthen the country’s agricultural sector, according to AgriNurture Vice President and General Manager Larry Lacson.
Lacson said in a report of BusinessMirror that microfinance sector should be included in the needed reforms in the agriculture program of the government.
Microfinance sector would allow farmers to get access to loans.
He added that the area of crop insurance needs also a reform ‘to lessen the risk of those who are engaged in agribusinesses.’
American Chamber of Commerce of the Philippines senior advisor John Forbes said that Philippine. ‘will have to undertake more reforms in the agriculture sector to spur growth and create jobs.’
Forbes added that ‘Agribusiness is a very important area for the Philippines internally, socially, politically and for employment’.
Meanwhile, Engineer Terence S. Uygongco, Vice Chairperson of Iloilo Business Club (IBC) and Vice President of Trade Feeds of the Philippines Foremost Milling Corporation said local governments should address the existing challenges in the said sector to improve more the competitiveness of region 6 in terms of its economic performance.
“Local government Units (LGUs) strong effort in strengthening the agri-industrial business enterprises is among the key drivers to increase the economic growth rate of WV,” Uygongco said.
He added that WV has a great potential to become the country’s largest regional economy by addressing the following challenges in Agriculture sector: little or no land preparation, non-investment in quality high yielding varieties seed such as yellow corn; high post harvest losses caused by natural calamities; no value adding; economies of scale and access to credit.
WV is among the top five fastest growing regions and largest regional economies in the country, based on the recent data on gross domestic product (GDP) and gross regional domestic product (GDRP) growth rates.
WV ranked fourth fastest growing region with 5.5 percent growth, contributing 4.01 percent to the country’s GDP. The Agriculture, Forestry, and Fishery sectors grew by 13.82 percent and accounted for 26.66 percent to the GDRP. IMT