Marcos to DA exec: Meet egg sector; discuss arbitrary price hikes
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. has ordered Department of Agriculture (DA) Undersecretary Domingo Panganiban to meet with egg producers and traders to address rising chicken egg prices despite ample supply.
Marcos, who concurrently heads the DA, made the order during a Cabinet meeting on Tuesday morning, according to the Presidential Communications Office (PCO).
During the meeting, the President sought an explanation on why egg prices have recently increased, pointing to the widening gap between farm gate and retail prices, benefiting mainly the traders.
“We determined that the increase in the price of eggs is not commensurate to the increase in production cost,” he said, as quoted by the PCO.
“So we will have to have a look to see how to control that because we cannot explain almost one-half of the profit margin that we are seeing. We cannot attribute it to cost,” Marcos added.
Based on the DA’s price watch as of January 13, medium-sized eggs retail at P9 each, compared to P6.90 in December 2022.
The DA said eggs should retail between P7 to P7.50 per piece, given its farm gate prices. However, reports show that eggs are sold for as high as P9.60 per piece.
To address the situation, the agriculture department has reconvened the Price and Volume Watch Committee and Advisory Groups for Livestock and Poultry to closely watch egg prices across the country.
DA Assistant Secretary Kristine Evangelista had said the agency is eliminating “certain layers of traders” to bring down prices of chicken eggs.
“We are coordinating with [Philippine] Egg Board also to see the supply situation, and if there are bottlenecks. Right now, what we are doing also is to eliminate certain layers of traders because that will also help bring down the price,” she said.
“Hopefully, mas maganda ang production also of the eggs. There are some challenges that our egg producers are faced with that is now being addressed by our Bureau of Animal Industry,” she added.
The DA, in its report to Malacañang, said the farmgate price of medium chicken eggs is pegged at P6.97 per piece, 7.89 percent higher than the price in December 2022.
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