September 25, 2012

Philippines' pork prices stabilises toward Christmas

Pork prices in the Philippines has stabilised towards the Christmas season due to a bumper corn harvest.

Agriculture Secretary, Proceso Alcala, said that with corn production expected to hit record levels this year, there will be adequate corn for livestock producers and hence stable prices. Earlier, a government official said the rising prices of soy could push up the price of pork.

Edwin Chen, President of the Pork Producers Federation of the Philippines, said that they are "watching closely the price of feeds as price of soy meal has shot up by more than 45% globally. We hope that local corn prices will dampen the increase in feed cost. So far, there is ample supply and this will remain stable through this holiday season."