According to CoinMeta, agricultural output in the Philippines shrank recordingly in the third quarter, mainly due to a significant decline in rice harvests. This situation indicates that the Philippine economy, one of the relatively less developed economies in Southeast Asia, will face greater pressures. From July to September, agricultural output in the Philippines decreased by 5% year-on-year, marking the largest decline since records began in 1999. Affected by monsoon rains, the country, which is vulnerable to climate change, saw its rice production drop by 17.8% year-on-year to 3 million tons. Filipino Agriculture Minister Francisco Tiu Laurel stated that the El Niño phenomenon, which alters rainfall patterns and may exacerbate droughts, combined with high fertilizer prices, could be the reasons for the record decline in agricultural output. He expects that agricultural output will remain sluggish this quarter as well.