October 8, 2008
Philippine wholesale and retail pork producers and meat processors have agreed to reduce prices after industry members established a "reference price" for their products.
Prices of choice cuts range between PHP 140-150, which were reached by more than 30 major hog industry players.
Market data showed that while farmgate price had dropped to PHP 82.25 per kg, retail price averages PHP 140 per kg for all cuts, with the price of liempo and other prime cuts reaching PHP 145-170 in Metro Manila markets.
"Our purpose was to find a common ground among all industry players in order to come up with a fair reference price that will be beneficial for producers and traders, on one hand, and consumers, on the other. Pulling down the retail cost of pork items will benefit not only consumers. Producers and traders will also benefit because lower market prices will boost consumer demand and thereby mean greater profits for them," said Agriculture Secretary Arthur Yap.
Prior to this, hog industry leaders have been concerned over the price disparities, which they said have been hurting domestic hog farmers.