Meat MAV will keep prices low

Immediate distribution of the Minimum Access Volume (MAV) quota to meat importers will further ease the already falling prices data, according to the British Chamber of Commerce Philippines (BCCP).

The inflation rate in February was at 2.1 percent, mainly driven by a sharp deflation on rice. However, prices of meat and other parts of slaughtered land animals witnessed a higher annual growth rate at 8.8 percent.

BCCP executive chairman Chris Nelson welcomed the low inflation number but remains wary of food costs.

Nelson stressed its advocacy on managing inflation and ensuring food security in the Philippines by noting its challenges with weather disturbances and the African Swine Fever.

As of 14 February, the Bureau of Animal Industry recorded several active cases remaining in 10 regions, 19 provinces, 38 municipalities and 68 barangays.

Nelson reiterated the importance of one of the existing policy mechanisms signed by President Ferdinand Marcos Jr. which is Executive Order 62, extending the lowered tariff rates on agricultural commodities until 2028.