October 26,  2020

Philippines to investigate increased pork prices

An investigation by the Philippines' Department of Agriculture (DA) has been launched on the sudden increase in local pork prices.

There are recent concerns that some traders may be using African swine fever (ASF) as an excuse to manipulate supply and prices.

The Philippines' swine inventory had declined by 20% due to the virus.

Based on the DA's data, the inventory of both locally-slaughtered and imported pork in accredited cold-storage facilities as of October had gone up by 55% from the same period a year ago at 38,216 tonnes. However, questions arose as prices went up by over 30% even though the inventory has stayed firm, according to Bureau of Animal Industry director Ron Domingo.

Meanwhile, reports noted the low demand for frozen meat products.

"This slow drawdown or small demand for frozen meat indicates that most Filipinos prefer fresh or newly-slaughtered meat, or traders are holding off the supply to artificially jack up prices," Agriculture Secretary William Dar said.

Dar said the DA would not hesitate to file cartel charges if hog raisers and traders would be found engaging in anti-competitive practices.

The Philippine Competition Commission (PCC) will also conduct a parallel investigation for possible violations of the Philippine Competition Act by traders that may be manipulating the commodity's value chain.

- Inquirer.net