The Department of Agriculture (DA) in the Philippines indicates that upcoming reductions in oil prices may prevent further increases but probably won't lead to major decreases in food costs immediately.
The Philippines’ Department of Agriculture (DA) has announced that anticipated rollbacks in oil prices next week are not expected to result in a significant immediate reduction in food prices. DA spokesperson Assistant Secretary Arnel de Mesa stated that while the rollback could help avert further price increases, it is unlikely to cause a notable drop in food costs right away. For example, pork shoulder and butt prices remain around PHP 360 per kilo, and liempo ranges from PHP 420 to PHP 450 per kilo at retail outlets such as Mega Q-Mart. De Mesa also noted that ample imported supplies and full cold storages are helping stabilize prices, thus preventing previously projected higher prices, like PHP 589 per kilo for pork, from materializing. Some pork vendors have expressed that minimal rollbacks—less than PHP 10 to PHP 20—will have only a slight impact on retail prices, with possible price reductions of only about PHP 5. The DA is monitoring the situation closely to support farmers and consumers amidst fluctuating fuel and food costs.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/983527/da-oil-rollback-won-t-significantly-lower-food-prices/story/