Shrimp paste price in the Philippines increase 20% compared to the 1st quarter of 2020

Due to certain recent regulations placed by the government, which prevent suppliers to export because of the COVID-19 pandemic, most shrimp paste suppliers are choosing to sell their products domestically. To avoid losses due to non-export policy, many suppliers have raised the price of shrimp paste in the local market making the price increase 20% compared to the 1st quarter of 2020 before the pandemic issue.