CORN prices were a cause for attention following the Philippine Statistics Authority’s inflation report for July 2024, Albay 2nd District Rep. Joey Salceda said Tuesday.
In a statement, Salceda said there was momentum in the price of corn.
“[Agriculture Secretary Francisco Tiu Laurel Jr.] already mentioned that the DA is monitoring the situation as early as April, and I believe efforts are underway to address the issue. At 5.8 percent month-on-month inflation, corn prices are a cause for attention,” said Salceda, also an economist.
He said that the problem with rice had “mostly abated.”
“While rice prices remain elevated year-on-year, month-on-month, prices are actually declining slightly. I expect this trend to continue as more stocks arrive from India and Vietnam,” he said.
“The problem with corn is that while global trading prices are generally lower year-on-year, our domestic livestock, poultry, and dairy sector cannot rely on imported corn. Imported corn significantly diminishes in nutritive quality when shipped. Of course, price pressures could ease with upholding the minimum access volume system for corn, but that’s no structural solution,” he said.
Salceda said that he saw some increase in the prices of poultry.
However, he said, “Based on our monitoring of the situation, the price situation in that sector should ease by the time the August report is released — prices are down in August by as much as 12 percent from their July peak.”
Be the first to comment