THE government must now review its agriculture policy as the lackluster performance of the farm sector is hurting the country’s growth prospects, the Asian Development Bank (ADB) said on Wednesday, as it cut its GDP growth forecast for the Philippines in 2018 and 2019.
In a news briefing, ADB Philippine Country Director Kelly Bird said the sluggish performance of the country’s agriculture sector was a major factor behind the regional lender’s decision to revise downward its growth forecast for the Philippines this year and for 2019.
Bird noted the ongoing efforts of the government to convert the quantitative restriction on rice into tariffs and said it is a step toward the right direction. But, he said, this is not enough.
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