March 3, 2011
Philippine pork prices set to increase next week
Filipino consumers are to brace for a rise in the prices of pork because of the higher prices of feeds and other inputs, local agriculture officials said.
Agriculture Assistant Secretary Salvador Salacup said the price hike for pork, which now costs about PHP150 (US$3.45) to PHP160 (US$3.68) per kilo, may go up by PHP5 (US$0.11) per kilo by next week.
In an interview with GMA News, Salacup said the PHP5 raise was due to the price increase in soymeal, bone meal and antibiotics.
He explained that the higher prices of these ingredients contributed to the increase in prices of feeds for hogs.
The Department of Agriculture has encouraged hog growers to use lower-priced substitutes for their hogs, Salacup said. He added that cassava is widely available.
Salacup also said the rise in prices of inputs may result in a price hike for chicken as well, but he said the price is not likely to exceed PHP130 (US$2.99) kilo.
He said producers are aware that if they raise prices too high, consumers will shift their tastes and turn to other food items.
If pork prices increase too much, Saalacup said consumers will shift to other items.
Salacup said the prices of other food items including fish and vegetables remain "very stable."
An earlier report said hog meat vendors at a market in Manila as saying their suppliers had advised them of a price hike but did not say how much the increase would be.
