June 23, 2023

 

Philippines reports increased chicken and pork inventory

 

The Philippines National Meat Inspection Service has announced a surge in the inventory of chicken and pork as of mid-June 2023, reflecting an upward trend in meat supplies, The Manila Times reported.

 

The inventory reached 61,006.94 metric tonnes, marking a notable increase of 25.34% compared to the mid-May 2023 figure of 48,672.06 metric tonnes.

 

The majority of the inventory consists of imported meat, accounting for 61.45% (37,487.88 metric tonnes) of the total chicken inventory, while 38.55% (23,519.05 metric tonnes) represents domestically produced chicken.

 

In terms of frozen pork, the total inventory stands at 74,916.09 metric tonnes, which reflects an 11.21% rise from the previous month's figure of 67,359.87 metric tonnes for the same period.

 

Of the country's overall pork inventory, 94.15% or 70,534.63 metric tonnes was imported, while 5.85% equivalent to 4,381.46 metric tonnes was locally produced.

 

Central Luzon records the highest count of locally produced dressed chicken and pork in cold storage, with 10,204.58 metric tonnes and 16,054.56 metric tonnes, respectively.

 

Michael Ricafort, the chief economist at Rizal Commercial Banking Corp, attributes the increase in inventories to the recent downward correction in prices, resulting in lower costs for animal feeds and other inputs.

 

Ricafort said the one-year extension of reduced import tariffs on meat in view of the African swine fever over the past year has also encouraged more importation, which added to the inventories.

 

He also said that the improvement in business and other economic activities, coupled with the absence of large-scale lockdowns since 2022, has contributed to the upward trend in meat inventories by driving up demand in the economy.

 

-      The Manila Times