While Typhoon Glenda (international name: Rammasun) destroyed crops and infrastructure and some livestock, the extent was confined and is not expected to impact much on the overall economy, according to Ateneo de Manila economics professor Alvin Ang.
There is a perception that the typhoon did not linger long enough to inflict serious and long-term damage, Ang added.
This is confirmed by Security Bank Corp. economist Patrick Ella who said that the typhoon barely dented the economy. “It’s too early to tell but impact to economy is very limited,” he said.
Power interruption is the number one challenge for the industry sector, Ang said, taking note that Glenda affected Cavite and Laguna, which are home to industrial centers and many factories.
On the other hand, damage wrought by Typhoon Glenda to the farming and fisheries sector was estimated by the Department of Agriculture to reach P2.324 billion worth of crops, fish and livestocks and other assets.
According to preliminary estimates, fisheries was affected the most, with losses estimated at P810 million. Fish pens and cages in Laguna de Bay and Manila Bay were damaged, causing an overflow of milkfish and tilapia which were subsequently sold at rock-bottom prices or even given away.
Most affected by the typhoon were the Calabarzon region, Occidental and Oriental Mindoro, Bicol, Leyte, Southern Leyte, Biliran, Samar, Eastern Samar and Northern Samar.
In a briefing at the DA head office in Quezon City, held last Friday, Agriculture Secretary Proceso Alcala said the damage to the farm sector would not result in tight supply of agricultural produce because farmers of high value crops such as vegetables were able to harvest their produce before the typhoon, adding that affected rice fields are still in the vegetative stage.
On the other hand, the cyclone may have exacerbated the damages suffered by the coconut industry, which is still recovering from the dire effects of Typhoon Yolanda as well as an occurrence of infestation.