Price caps under study for pork, carrots, cooking oil

THE Department of Agriculture (DA) said it is evaluating proposals to impose price caps on pork belly (liempo), carrots, and palm-based cooking oil, with retail prices remaining elevated due to tight supply.

“We are studying price caps on pork, carrots, and palm-based cooking oil,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. told reporters on Wednesday.

He said the DA expects a continued shortage of carrots through July, with a corresponding increase in retail prices.

The Philippine Statistics Authority (PSA) reported that the average retail price of carrots surged 61.53% to P170.82 per kilo in mid-April from P105.75 a year earlier.

To address the tight supply, Mr. Laurel said the DA will allow imports of at least 6,000 metric tons (MT) of carrots between May and July.

“We will be importing carrots strategically in areas with limited supply… specifically Cebu and Metro Manila,” Mr. Laurel said, noting that shipments of about 1,000 MT were landed in April.

Mr. Laurel said a cap on liempo is also being eyed due to rising pork prices.

He said the cost of liempo from domestic hogs has climbed to as high as P420 per kilogram, up from what the DA considers a reasonable level of P380 per kilo.

Meanwhile, the DA is also moving forward with a proposed price cap on imported rice, which Mr. Laurel said could be implemented soon.

The DA recommended a ceiling of P50 per kilo to help curb rising prices and deter profiteers.

The proposal for the rice price cap is currently awaiting the issuance of an executive order from Malacañang. — Vonn Andrei E. Villamiel