The Philippine Star
September 15, 2024 | 12:00am
MANILA, Philippines — Farmers, hog raises and poultry farmers are urging the Department of Agriculture to prioritize solutions that will lower the prices of vital agricultural inputs.
A comparison of the DA’s Bantay Presyo data from May 1 to Sept. 5 showed a significant increase in the prices of essential agricultural inputs such as palm oil and corn which are key components in feed production.
During this period, the cost of 350 ml of palm oil rose by 8.06 percent, climbing from P27-P35 to P27-P40. Likewise, a 350 ml of coconut oil saw a 4.48-percent increase, with prices rising from P27-P40 to P30-P40. The price of corn experienced the most dramatic surge, jumping by 23 percent from P50-P80 to P60-P100.
The escalating costs, particularly vegetable oils, are critically impacting the supply chain.
Palm oil, a major import, is a key component in feed production, contributing to the rising prices of pork and poultry.
As highlighted in the Philippine Palm Oil Industry Roadmap 2024-2033, the Philippines remains heavily dependent on imports for its vegetable oil needs thus, making the country vulnerable to price fluctuations in global markets. This dependency directly impacts food affordability, especially for lower-income families.
Livestock and poultry producers, who depend heavily on these oils for feed, are now grappling with skyrocketing operational expenses. These increased costs are being passed on to consumers through higher prices for pork, chicken, and other essential food items. Earlier this year, the Pork Producers Federation of the Philippines Inc. expressed concern, citing that farm-gate prices have surged as a direct result of rising farm input costs.
The strain on consumers is undeniable. A July survey by Social Weather Stations revealed that 58 percent of Filipino families now consider themselves poor, a sharp jump from 46 percent in March. This is the highest level of perceived poverty since 2008.
Meanwhile, a recent Pulse Asia survey confirmed that inflation remains the top concern for Filipinos, further highlighting the mounting financial pressure.
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