PH’s end-Nov frozen pork stock slightly lower
The Philippines’ inventory of frozen pork declined slightly in the previous week, but remained significantly higher than that of the same period a year ago.
Latest data from the National Meat Inspection Service (NMIS) showed the inventory of frozen pork in accredited cold storage facilities stood at 75,024.91 metric tons as of Nov. 29.
The figure was 2.5 percent lower than the 76,953.26 MT recorded for Nov. 22. But it grew by 106.25 percent from the 36,375.66 MT posted in the comparative period last year.
Of the total number, 73,418.39 MT of the total frozen pork inventory were imported while the remaining 1,606.52 MT were produced locally.
The majority of the imported frozen pork, equivalent to 26,726.38 MT, went to the National Capital Region.
Calabarzon and Central Luzon received 20,189.29 MT and 18,346.95 MT of the total inventory, respectively. Central Visayas, meanwhile, cornered 7,318.08 MT of frozen pork.
Economic managers have tagged high pork prices due to the 2019 outbreak of African swine fever as the main driver of the current high inflation rate afflicting the Philippine economy, though supply has improved in recent months.
The government has issued directives to lower pork import tariffs and increase the allowable import volumes of the meat to help stabilize local supply and prices of pork products.
In May, President Duterte promulgated Executive Order No. 133, which raised the minimum access volume (MAV) or in-quota for pork to 254,210 MT from 54,210 MT.
Executive Order No. 128, meanwhile, lowered tariff for pork imports under MAV to 5 percent for the first three months and to 10 percent for the fourth to 12th month of its effectivity.
For pork imports outside the MAV, the tariff rates were reduced to 15 percent for the first three months and 20 percent for the fourth to 12th months of its effectivity.
The measure took effect on April.
EO 134 was superseded by EO 128, which modified the tariff rates on imported pork products. It set tariffs on pork imports under MAV to 10 percent for the first three months, and 15 percent in the next nine months.
For imports outside MAV, the tariffs are 20 percent for the first three months and 25 percent in the next nine months. INQ
