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Typhoon will not damage food supply in Philippines

11-Dec-2012

The Philippine government has stated that the damage inflicted by typhoon Bopha to farmland in the south of the country will not adversely affect its food supply.

Agriculture secretary Proceso Alcala also said that despite the crops damaged by the typhoon, the growth rate of the farm sector in 2012 will be positive.

He also assured affected farmers that the seeds and funds to rehabilitate damaged farm infrastructure are due to be distributed immediately.

Typhoon Bopha ravaged banana, corn and coconut plantations in the southern Philippines, with the value of damage estimated at over US$210m.

The damage inflicted by the typhoon in several southern Philippine provinces was so severe that it prompted the United Nations to appeal for aid amounting to US$65m.

Typhoon Bopha cut across the south last week, triggering flash floods and landslides, killing at least 647 people, devastating houses and displacing millions of people. It was the strongest typhoon to hit the area in decades.

Despite the huge losses suffered by the farm sector, UBS Investment Research said the country's economy will still be able to post a growth rate of 6.3% for 2012.

In its latest Asian Economic Monitor, UBS Investment Research said that it has revised upward its 2012 growth forecast for the Philippines, following the stellar performance of the country's economy in the third-quarter.

From July to September, Philippine gross domestic product posted an increase of 7.1% on the back the good performance of the services sector and the increase in government spending.

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