Pork prices in the Philippines are dropping
Pork prices in the Philippines are dropping due to false concerns of the consumers on the ASF outbreaks that hit the country since mid-August 2019. "It is estimated that demand for pork at wet markets went down by 50%, while demand at the supermarkets went down by 20%. Compared to pre-ASF the net live weight price dropped by up to 25% causing most of the industry to be below the cost of production estimated," explains Paul Anderson, Genesus' General Manager South East Asia and International Sales Manager. By now, losses recorded by the pork industry in the Philippines are estimated at $80 million.
The backyard pig population is believed to be 8.2 million, a decrease of 1.7% compared to the previous year. The reduction in backyard farms and the restocking of the herds culled for ASF should in the medium to long term have a positive effect on the overall health in the swine industry. Two of the regions with a high density in swine population, Central Luzon and Calabarzon, have been hit by ASF and the swine population in the area has declined by almost 40%. Most of the backyard farms in this area have already closed their operations.
For this year, the demand for pork in the Filipino market is expected to resume by the end of the first quarter. "Some of the larger productions have started to increase their breeding stock numbers and this is expected to continue to take up the slack of the backyard farms and in anticipation of the potential record-high hog prices to follow. We expect the demand for pork to resume in the spring of 2020 and the hog prices to raise from then in line with supply and demand," added Mr. Anderson.
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