Pork and chicken meat prices to be capped in the Filipino market
The spike in meat prices in the capital region of the Philippines is forcing Government officials to launch a proposal for a cap in pork and chicken meat prices. The agriculture department asked President Rodrigo Duterte to set the maximum price for pork belly at 300 pesos ($ 6.24) per kilo, and chicken at 160 pesos ($3.33) per kilo in the Manila region for 60 days, according to Agriculture Secretary William Dar. Pork prices almost doubled to up to 450 pesos per kilo on January 22 compared to last year, while the cost of chicken increased slightly to up to 200 pesos per kilo.
Dar also announced an investigation on possible anti-competitive practices. The Southeast Asian country plans to triple pork imports, as African swine fever has reduced supply and raised prices. Analysts are expecting the Philippines to be one of the major importers of pork in Asia, as China and Vietnam are currently working on rebuilding their pig herds and increasing biosecurity measures in pig farms.