Businesses Struggle due to Egg, Oil Price Increase amid the Crisis
PRICE INCREASE – Many businesses in the Philippines most especially those in the food industry are affected by the increase in the prices of eggs and oil.
The Philippines is under a crisis now due to the COVID-19 pandemic. The economy of the country greatly suffered amid the much-needed community quarantine measures to contain the spread of the virus. The prices of goods increased and there is a domino effect due to the said increase.
The feed inputs of layering farms that include soya, corn, and coconut oil increased in prices and it greatly affects the production. Many layering farm owners opted to reduce their materials or producers rather than make a price increase on eggs to cope with the expenses on feeds.
Due to the situation now that affects a lot of layering farms, a shortage in the egg supply is expected this December or in January next year. Those who are in the field cannot determine yet how long the shortage will be felt.
Amid the possible egg supply shortage next month or early in 2022, price increase on eggs and oil were recorded and it is greatly affecting several businesses in the Philippines. Some of these businesses are those that provide food and catering services.
Based on a report on ABS-CBN News, a price increase of P10.00 per tray was noted in small-sized eggs which is sold at Php 140.00 per tray before but now it is at P150.00 per tray. With regards to the medium-sized eggs, before, it is sold between P180.00 to P200.00 per tray but now its price has reached P210.00 per tray.
According to the report, there is a P20.00 price increase in a tray of large-sized eggs which was sold at P220.00 per tray before and now at P240.00 per tray. The price of cooking oil also jumped from P65.00 to P75.00 per liter of coconut oil to P85.00 per liter now. From P115.00 to P120.00 for every 1.5 liters of coconut oil, the price rose to P140.00 per 1.5 liters.
Some food businesses increased the prices of their products to cope with the expenses while others tried to make other adjustments.
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