The government is studying providing insurance subsidies to hog raisers, a top Cabinet official said Tuesday, citing the need to address the shortage in supply that is causing a surge in pork prices.
A 50% insurance subsidy is being studied for commercial hog raisers, Cabinet Secretary Karlo Nograles said, noting the funds would come from the Department of Agriculture.
"This is just one initiative being considered to help our hog farmers increase supplies," he said in a press briefing.
Mindanao hog raisers have been augmenting pork supplies in Metro Manila to tame meat prices.
Earlier this month, President Rodrigo Duterte issued an executive order imposing the following price caps on pork and chicken as household budgets struggled with the rising prices of meat products:
- P270/kg for kasim and pigue
- P300/kg for liempo
- P160/kg for a dressed chicken
MORE ON MEAT PRICE CAP:
Pork, Chicken Prices in Metro Manila are Capped for 60 Days
Quezon City Waives Market Rental Fees of Meat Vendors Hit by Price Caps
Pork is Expensive, Traders Should Avoid Profiteering: Agri Chief