Philippines Considers Live Hog Floor Price to Aid Producers

The Department of Agriculture (DA) supports a proposal to set a floor price of P210 per kilogram for live hogs, aiming to provide relief to farmers facing low farmgate prices. Agriculture Secretary Francisco P. Tiu Laurel, Jr. stated that the DA backs the industry's suggestion to help pork producers struggling with current prices, which range from P120 to P160 per kilogram depending on the location. However, Secretary Laurel clarified that the DA cannot enforce the proposed floor price as there is no existing legislation authorizing such measures. "As of the moment, whatever it is, the DA will support what the industry suggests, and we will push," he told reporters. In a related move, Secretary Laurel announced his intention to meet with economic managers to discuss the possibility of restoring tariffs on imported pork. The DA is backing the implementation of special safeguard duties to protect the local industry. He expressed hope that any price increases for meat during the upcoming holiday season would be modest, estimated at around 1% to 3%. Source: BusinessWorld Economy