Philippine beef prices set to soar

Philippine consumers should expect to pay more for beef due to record rice and fuel prices, the local media said Saturday.

This year, beef prices in the Philippines have doubled due to rising freight costs and weakening of the Philippine peso.

Jun Lim, vice president of the Cold Chain Association of the Philippines, said that 90 percent of the country's beef supply is imported, mostly from Brazil.

Meanwhile, pork prices are also expected to surge further this year.

Lim said that the price of chicken is stable for now as most of the supply is produced locally.

However, when chicken stocks get depleted, prices are also expected to rise, Lim added.