Philippine pork inventory declines - FAS
President Marcos has extended tariff reductions for pork
30 August 2024
1 minute read
By: Frozen pork inventory in accredited cold storage facilities has fallen in 2024, according to a recent US Department of Agriculture (USDA) Global Agricultural Information Network (GAIN) report.
Delays in the Philippine Department of Agriculture releasing the Minimum Access Volume for pork, a 54,210 MT tariff rate quota for imported pork and the continued ASF impact on production resulted in frozen inventories declining nearly 40% over a nine-month period. Recently, the traditional pre-Christmas inventory build-up resumed but FAS Manila estimates frozen stocks will remain below levels in previous years.
On June 20, 2024, President Ferdinand Marcos issued Executive Order (EO) 62, extending the tariff reductions for corn, pork, and mechanically deboned meat through 2028. The EO took effect 30 days after publication. By extending these tariff reductions through 2028, importers no longer need to earnestly import pork during the year end in anticipation that the tariff reductions are not extended. This also supports FAS Manila’s estimate that stocks remain at lower levels in 2024 and 2025 relative to 2021-2023.
