Philippines' retail pork prices cool after industry agreement

Agricultural Secretary Arthur Yap, on Wednesday, 8 October 2008 reported that retail prices of choice pork items have started to go down in Metro Manila markets from last week's rates.

Prices last week went as high as P160-P170/kg (US$3.38-US$3.59 ) .

Yap reported the price decline followed last week's agreement by major hog industry players and Department of Agriculture (DA) officials to adopt a reference price band of P140 to P150 for these prime cuts.

In a press statement, Yap said he visited the Mega Q-Mart in Quezon City morning and found that choice pork cuts were selling for an average P140 to P145 a kilogramme, with some stalls selling for as low as P135.

Aside from this Mega Q-Mart where the lowest retail price was monitored, Yap also instructed DA Assistant Secretary, Salvador Salacup, and Bureau of Animal Industry (BAI) Director, Davinio Catbagan, to monitor more markets so as to check on whether industry players ranging from producers and meat processors to wholesalers and retailers were abiding by the agreement.

Yap expressed optimism that the price drop will boost consumer demand, thereby benefiting not only consumers in the form of cheaper pork items but the producers and traders as well, in the form of higher sales and more profits.

He said agriculture officials and the hog industry players would be meeting regularly to review the reference price accordingly and to take up other concerns to ensure steady supply and reasonable prices of prime pork cuts, especially during the Christmas season.