Taguig city: The government's food security bid will further get a boost from the Department of Agriculture's (DA) proposal to increase the minimum access volume (MAV) for corn imports to 500,000 metric tons (MT) from 216,940 MT to date. Kenneth Cheng, Bounty Fresh Group Holdings Inc. Chief Executive Officer (CEO) and Fresh Group President, in a briefing in Taguig City on Thursday, expressed support for the proposal.

According to Philippines News Agency, Cheng stated that Philippine consumption is increasing every year and emphasized the importance of reviewing domestic production to determine if it is sufficient. He suggested adjusting the MAV in response to this assessment to ensure an adequate supply. Cheng highlighted the necessity of making feeds more affordable to help cushion the impact of rising inflation on consumers.

Cheng expressed satisfaction with the increase, citing the need to review consumption trends. He underscored the importance of reducing food costs amid the current inflation rate, which monetary officials forecast to average 6.4 percent this year, exceeding the target range of 2 to 4 percent due to international developments. The 2027 inflation forecast stands at around 4.5 percent.

Cheng also mentioned that reallocating the MAV to companies involved in chicken production would significantly benefit the poultry sector. He stressed the need to protect the sector to avoid adverse effects on the food supply.