DA 13 to develop over 2.1K hectares of durian farm Consumer spending seen to grow to 5.5% in 2023

Household spending in the Philippines is projected to expand by 5.5 percent this year, slower than the 8.2 percent growth forecast in 2022, the research arm of Fitch Ratings said.

In its report released Tuesday, Fitch Solutions said household income growth will support consumer expenditure in 2023, allowing Filipino households to spend despite the elevated inflation numbers.

“We expect household income growths to outpace consumer price inflation in 2023. This will ensure real income growth and greater potential for consumer spending,” Fitch Solutions said.

The report said its consumer spending forecast is in line with the Philippine economic growth, which is expected to ease from 7.4 percent in 2022 to 5.9 percent this year.

“The slowdown in sion of the land area for durian production, the DA-13, through the HVCDP is also preparing the durian growers in the region growth was in line with expectations, but the pace of deceleration was more modest than predicted. Elevated energy prices and tightening monetary policy will result in further deceleration during the forecast period,” it added.

TheDepartment of Agriculture in Caraga Region (DA-13) is set to develop 2,154 hectares of durian farms in the region.

For the medium term, Fitch Solutions forecasted consumer spending to average 5.1 percent annually from 2024 to 2027.

It added consumer confidence, though it remained negative since 2020 amid the pandemic, has shown signs of improvement.

Consumer confidence index stood at -14.6 in the fourth quarter of 2022 from a peak of -54.5 in the third quarter of 2020.

“Consumer confidence has improved in line with the economic recovery from the effects of the pandemic,” Fitch Solutions added.

Employment, household income

In a statement Tuesday, the High-Value Crops Development Program (HVCDP) of DA-13 said the move aims to meet and sustain the high demands for fresh durian in the international market, particularly in China.

“Currently, the Caraga region has an existing area of 1,315 hectares devoted to durian production,” the HVCDP said, adding that identified expansion areas have already been analyzed and found to be suited for the growing of durian fruits.

“The expansion is also in line with the DA’s move to boost the production of durian in the country following the recent state visit of President Ferdinand Marcos Jr. to China wherein he was able to secure a USD2 billion fruit export deal,” the HVCDP said.

Aside from the expan-

Emmylou Presilda, DA13 information officer, said some 50 durian growers in the region are now undergoing a three-day training on durian production and marketing opportunities.

The training, which started on Monday, is being facilitated by the Agricultural Training Institute in the Caraga Region with the support of the Bureau of Plant Industry.

“The training aims to capacitate our durian growers, including the agriculture technicians on durian production techniques as well as in the nursery management,” Presilda said.

Local durian growers will also learn good agricultural practices and the protocols for the exportation of durian fruits, she said.

In the same statement on Tuesday, Emmanuel Belviz, president of the Durian Industry Association of Davao City, who also provided support to the training