However, Francisco Buencamino, Executive Director of the Philippine Association of Meat Processors Inc (PAMPI) said that while volume is down, higher prices will still mean a growth in sales, albeit a small one at less that 10 per cent.

PAMPI had earlier aimed for an eight to 10 per cent increase in sales this year, but Mr Buencamino said that “lower purchasing power of Filipinos” has dampened demand which led to lower volumes. He also said that the industry's imports of meat raw materials dropped by as much as 28 per cent.

Meanwhile, sales of Christmas hams is also seen to slow down this year, as Filipinos tighten their belts, reports Asian Agribusiness. CDO Foodsphere Inc president, Jerome Ong, said that unlike in previous years, when sales of Christmas hams posted double-digit growths, this year, they are expecting ham sales to increase moderately at about eight to 10 per cent.