April 13, 2021
The Philippines will end a price ceiling on pork products
The Philippines will end a price ceiling on pork products sold in the capital region, announced two months ago as the country imports more pork supplies, Bloomberg reported.
Local prices for pork jumped to PHP 440 (~US$9; PHP 10 = US$0.21) per kilo at the beginning of the year from PHP 240 (~US$4.94) because of lower supplies caused by African swine fever and alleged profiteering by traders, pushing inflation in February to its fastest pace in more than two years.
The Philippines' Department of Agriculture will set suggested retail prices for imported pork, arranging the imports to avoid a sharp drop in prices that could affect local producers.
Ramon Lopez, Trade Secretary said pork prices will range between PHP 320 to PHP 350 (~US$6.59 to ~US$7.21) once the price ceiling ends, and is expected to drop further when more pork supplies arrive.
Philippines' President Rodrigo Duterte signed an executive order to temporary lower pork import tariffs for a year to boost supplies. He asked the Congress in March to increase the cap on pork imports purchased under lower tariffs by 350,000 tonnes. This was on top of the 54,210 tonnes that was agreed under World Trade Organisation terms.