Why Agriculture is considered as the backbone of the Philippine economy?

Why is it agriculture is the backbone of the Philippines economy?

Agriculture is the backbone of the Philippine economy. … It grants tax incentives and deductions to private entities or corporations that give donations or gifts to and directly purchase agricultural and fishery products from accredited farmers’ and fisherfolks’ enterprises and/or cooperatives.

Why is agriculture the backbone of our economy?

“It is, after all, considered as the backbone of the economy. It forms the basis for food and nutrition security and provide raw materials for industrialization.

Why does agriculture important to the Philippine economy?

Agriculture dominates Philippine economy. It furnishes employment to about 3 million persons or about 60 per cent of the gainfully employed workers. Agricultural operations provide 40 to 45 per cent of the total national income and about 75 to 80 per cent of the country’s exports.

How does agriculture helps in the country’s economy?

Agricultural modernization prepares conditions for industrialization by boosting labor productivity, increasing agricultural surplus to accumulate capital, and increasing foreign exchange via exports. … As agriculture becomes more productive, excess labor moves from rural farm jobs to urban manufacturing jobs.

Why is agriculture called the backbone of our country?

Agriculture as the backbone of Indian economy:

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Its share in the GDP is high. It provides employment opportunities. Population dependent on agriculture for sustenance. It provides raw material to Secondary sector.

Is agriculture important for the economy?

Agriculture and its related industries (things like food sales and other industries that wouldn’t exist or would be much smaller without agriculture) contribute $1.05 trillion to U.S. GDP, according to the latest data. That puts agriculture’s contribution to the overall economy at about 6 percent.