New price caps for milk products OK’d

MANILA, Philippines - The National Price Coordinating Council (NPCC) has approved new price caps for milk products amid the increase in the price of raw materials in the world market.

Trade Secretary Gregory Domingo told reporters following the meeting of the NPCC yesterday the government approved higher suggested retail prices (SRP) for evaporated, condensed and full cream milk.

He said higher demand from China triggered price hikes in the world market.

For the 410-milliliter can of Angel evaporated milk, the new SRP is at P38.15 from its current price of P36.80, while the 370-ml can of Alaska evaporated milk will have a new recommended price of P38.20 from P37.

The new SRP for a 300-ml can of Alaska condensed milk is P53 from P51.30.

For the 150-gram Birch Tree Full Cream powdered milk, the new prescribed price is P58.10 from the previous P53.80.

For 150-g Bear Brand full cream milk, the new SRP is P51, up from its current P48.50.

For 160-g Nido Fortified full cream milk, the government has approved a recommended price of P77.42, higher than its present SRP of P77.

“The new SRPs will take effect on July 1,” Domingo said.

NFA rice

The NPCC also proposed the direct selling of rice by the National Food Authority (NFA) to government agencies and big corporations for its employees.

The council said the NFA should also increase the volume of rice being released in the market to at least 8,000 tons per day from the current 4,000 tons.

NFA’s well-milled rice is available at P32, while private retailers are selling it at P40 to P42 per kilo.

Rice prices have increased by an average of P2 per kilo.

Domingo said rice prices are not expected to further increase as imports would arrive by August.

The government is importing 800,000 metric tons of rice for this year for buffer stocking during the lean season.

The country’s total rice inventory is good for 73 days, while the NFA’s stock can last 25 days.

Domingo said the supply shortage of garlic in Metro Manila is temporary and may have to do with the truck ban imposed in the city of Manila.

“I suspect it is just a temporary shortage because some containers were stuck at the port,” he said.

The increase in the prices of chicken and pork was also discussed during the NPCC meeting.

Domingo said prices and supply of chicken should normalize in two months, noting that the hot weather affected the growth of chicken.

The price of chicken has climbed to P140 per kilo from P130.

As for pork, Domingo said diarrhea has affected piglets not only in the country, but in other parts of the world.

Liempo now sells at P210 to P220 per kilo from the previous P190.

Domingo said the government would continue to monitor the price and supply situation of basic necessities and prime commodities.