Last Monday, January 9, we discussed before this Committee the Livestock, Poultry, and Dairy Bills. Today, our agenda is Senate Bill No. 120 which aims to develop and promote the Yellow Corn Industry, to enhance the availability of affordable and quality feeds, and to provide a corn competitiveness enhancement fund.
The development of the yellow corn industry goes hand in hand with the development of the Livestock and Poultry Industries because yellow corn is a key animal feed ingredient. Yellow corn accounts for about 50% of the component of feed.
According to the Philippine Institute for Development Studies, corn price is a major driver of feed cost, indirectly driving the cost of pig and chicken meat.
Corn price data on selected Asian countries shows that Philippines is at the upper bound of corn price (USD 0.42 to 0.44 per kg), followed by China (USD 0.28 to 0.38 per kg), Vietnam (USD 0.22 to 0.29 per kg), and finally Thailand (USD 0.19 to 0.24 per kg).
When it comes to production, Philippine Statistics Authority's data shows that the yellow corn production in the Philippines has been in an upward trend.
However, production cannot keep up with the demand of 8.9 MT of the country for 2022.
