Despite the continued influx of imported pork products that were slapped with lower tariffs, pork prices in the market are expected to remain elevated and even climb further as the holiday season nears.
Price monitoring reports from the Department of Agriculture (DA) showed that as of Nov. 19, a kilo of pork ham and pork belly were sold for P340 and P360, respectively, up from P320 and P350 a kilo at the start of the month.
Given that demand for pork traditionally picks up during the Christmas holidays, prices may rise even further.
According to economic managers, meat inflation, as well as fuel price hikes, have kept the country’s inflation rate high. This is despite the government’s move to ease the entry of imported pork to cover the shortage of local pork products, which was in turn caused by the African swine fever that shrank the local hog population.
The DA, in an attempt to bring down meat prices, recently allowed the distribution of pork imports outside wet markets in Metro Manila and to processors and institutional buyers. Local livestock groups, however, are not confident that this will work.
Industry group Samahang Industriya ng Agrikultura earlier said that the government should have enacted policies that would boost and protect the domestic livestock industry rather than ease import restrictions.
Earlier this year, President Duterte issued twin policies that lowered pork import tariffs and increased the allowable import volume. The policies would be in effect until May next year.
The tariff cuts in pork, according to the Department of Finance, resulted in tariff revenue losses of P3.4 billion between April and November. INQ