IBOV 171,324.31 ▼ 0.43% IPC MEX 71,674.32 ▼ 0.46% MERVAL 2,848,945 — — USD/BRL5.65▲ 1.12% USD/MXN18.59▼ 0.06% USD/CLP994.00▲ 1.14% USD/COP3,303▼ 0.13% USD/PEN3.41▼ 0.03% USD/ARS1,545▲ 0.03% USD/UYU40.52▲ 3.32% USD/PYG6,185▲ 3.33% USD/BOB11.60▲ 0.86% USD/DOP60.50▲ 0.08% USD/CRC445.25▲ 1.62% USD/GTQ7.65▲ 3.31% USD/HNL26.90▲ 3.30% USD/NIO36.62▲ 2.73% USD/VES902.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.09▲ 2.15% USD/TTD6.71▲ 2.19% EUR/BRL6.25▲ 0.26% BRENT 95.92 ▲ 3.41% WTI 88.80 ▲ 2.62% IRON ORE 161.91 — — COPPER 6.20 ▼ 1.22% GOLD 3,880 ▼ 3.01% SILVER 49.91 ▼ 3.81% SOY 1,220 ▼ 0.77% CORN 442.25 ▼ 1.28% WHEAT 582.50 ▼ 2.84% COFFEE 275.10 ▲ 2.27% SUGAR 18.22 ▼ 1.41% ORANGE JUICE 140.60 ▼ 3.53% COTTON 78.56 ▲ 0.05% COCOA 5,187 ▲ 5.71% BEEF 223.05 ▲ 1.86% CATTLE 331.80 ▼ 0.25% LITHIUM 59.43 ▼ 2.69% PETR4 44.70 ▲ 2.64% VALE3 63.95 ▼ 0.75% ITUB4 41.68 ▼ 0.10% BBDC4 14.32 ▼ 0.07% ABEV3 15.75 ▼ 0.63% BBAS3 15.48 ▼ 8.35% B3SA3 14.76 ▼ 0.27% WEGE3 51.65 ▲ 0.08% PRIO3 63.30 ▲ 2.98% SUZB3 56.04 ▲ 4.16% RENT3 29.58 ▼ 2.18% AZZA3 16.90 ▲ 9.95% CSAN3 2.85 ▼ 5.94% RAIZ4 0.30 ▼ 98.60% PCAR3 2.39 ▼ 5.91% GMAT3 3.84 ▼ 5.88% PSSA3 45.94 ▼ 0.09% CVCB3 0.84 ▼ 2.33% POSI3 3.37 ▲ 1.51% SLCE3 18.36 ▲ 7.68% NATU3 5.33 ▼ 5.16% BRKM5 3.07 ▲ 5.14% RANI3 8.18 ▼ 2.50% CSNA3 4.23 ▼ 6.42% IBOV 171,324.31 ▼ 0.43% IPC MEX 71,674.32 ▼ 0.46% MERVAL 2,848,945 — — USD/BRL 5.65 ▲ 1.12% USD/MXN 18.59 ▼ 0.06% USD/CLP 994.00 ▲ 1.14% USD/COP 3,303 ▼ 0.13% USD/PEN 3.41 ▼ 0.03% USD/ARS 1,545 ▲ 0.03% USD/UYU 40.52 ▲ 3.32% USD/PYG 6,185 ▲ 3.33% USD/BOB 11.60 ▲ 0.86% USD/DOP 60.50 ▲ 0.08% USD/CRC 445.25 ▲ 1.62% USD/GTQ 7.65 ▲ 3.31% USD/HNL 26.90 ▲ 3.30% USD/NIO 36.62 ▲ 2.73% USD/VES 902.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.09 ▲ 2.15% USD/TTD 6.71 ▲ 2.19% EUR/BRL 6.25 ▲ 0.26% BRENT 95.92 ▲ 3.41% WTI 88.80 ▲ 2.62% IRON ORE 161.91 — — COPPER 6.20 ▼ 1.22% GOLD 3,880 ▼ 3.01% SILVER 49.91 ▼ 3.81% SOY 1,220 ▼ 0.77% CORN 442.25 ▼ 1.28% WHEAT 582.50 ▼ 2.84% COFFEE 275.10 ▲ 2.27% SUGAR 18.22 ▼ 1.41% ORANGE JUICE 140.60 ▼ 3.53% COTTON 78.56 ▲ 0.05% COCOA 5,187 ▲ 5.71% BEEF 223.05 ▲ 1.86% CATTLE 331.80 ▼ 0.25% LITHIUM 59.43 ▼ 2.69% PETR4 44.70 ▲ 2.64% VALE3 63.95 ▼ 0.75% ITUB4 41.68 ▼ 0.10% BBDC4 14.32 ▼ 0.07% ABEV3 15.75 ▼ 0.63% BBAS3 15.48 ▼ 8.35% B3SA3 14.76 ▼ 0.27% WEGE3 51.65 ▲ 0.08% PRIO3 63.30 ▲ 2.98% SUZB3 56.04 ▲ 4.16% RENT3 29.58 ▼ 2.18% AZZA3 16.90 ▲ 9.95% CSAN3 2.85 ▼ 5.94% RAIZ4 0.30 ▼ 98.60% PCAR3 2.39 ▼ 5.91% GMAT3 3.84 ▼ 5.88% PSSA3 45.94 ▼ 0.09% CVCB3 0.84 ▼ 2.33% POSI3 3.37 ▲ 1.51% SLCE3 18.36 ▲ 7.68% NATU3 5.33 ▼ 5.16% BRKM5 3.07 ▲ 5.14% RANI3 8.18 ▼ 2.50% CSNA3 4.23 ▼ 6.42%
since 2009
Thursday, November 12, 2026

Brazil Business

Brazil Meat Giant Shrugs Off Philippine Ban

By · · 4 min read
Cranes and a container ship at a terminal in the port of Vitória, Brazil
File photo. A container ship unloading at the port of Vitória, Espírito Santo, undated. Photo: Alacoolwiki, CC BY-SA 4.0, Wikimedia Commons.

Executives at MBRF, the Brazilian meat and food group formed by the merger of BRF and Marfrig, said on Thursday, 12 November, at its third-quarter results call that the Philippines’ new pork import suspension will barely dent their business. The Philippines, which signed the order on Saturday, 7 November 2026, accounts for only 0.8% of MBRF’s sales volume, according to the company.

Key Facts

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—Who. MBRF, the Brazilian food group formed by the merger of BRF and Marfrig, is the company in question.

—What. The Philippines suspended pork imports for 60 days; MBRF says the loss is small and shipments can be redirected.

—Number. MBRF puts the Philippines at 0.8% of its sales volume.

—Why it matters. The Philippines is a large pork buyer, so the order tests how well Brazilian exporters can switch markets.

—Next. The Philippine Tariff Commission, the trade-remedy body, will decide whether a lasting safeguard is justified.

—Power Index. Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).

A 60-day Philippine pork ban looks large on paper, but MBRF says it sells so little there that it can simply move the meat elsewhere.

What Happened

The Philippine Department of Agriculture issued a Department Order on 7 November 2026 and announced it on Monday, 9 November. It suspends imports of pork and edible offal, the organ meats and trimmings sold as food, for 60 days as a provisional safeguard measure.

The order covers fresh and frozen pork cuts, carcasses and edible offal. It takes effect on the earlier of an order from the Philippine customs agency or 15 days after publication in two newspapers.

MBRF chief executive Miguel Gularte described the impact as “fairly limited”, the company said. He added that MBRF would redirect shipments, and the company said it has opened more than 200 commercial destinations in two years.

São Paulo skyline
São Paulo skyline. File photo.

Why the Philippines Acted

The department says Philippine pork imports rose 42% between 2023 and 2025, from 589,675 tonnes to 836,240 tonnes. It says imports reached 65% of domestic production in the first half of 2026, up from 39% in 2021.

Local hog farmers lost an estimated 27.9 billion pesos (about US$438 million) from January to July 2026, the department says. It warns the figure could double to 55.8 billion pesos (about US$875 million) by year-end if prices stay weak.

Agriculture Secretary Francisco Tiu Laurel Jr. said the department could extend the period, as it did with a rice import ban last year. The case now goes to the Tariff Commission, which will examine whether a lasting safeguard is justified.

What It Means for You

For investors in Brazilian food stocks, the episode shows how a ban on one product in one country can be absorbed when a company sells in many markets. Anyone following global pork prices should watch whether Brazilian exporters must discount meat to find new buyers.

In the Philippines, the order protects local hog farmers but may raise costs for processors and shoppers who rely on imports. The department itself says it must weigh consumer and processor interests.

What Is Not Known

The start date of the suspension is not yet fixed, because it depends on a customs order or newspaper publication. Whether the Philippines will extend the measure beyond 60 days is also open.

MBRF has not said which markets will take the redirected pork, or at what prices.

Frequently Asked Questions

Why did the Philippines suspend pork imports?

The Philippine Department of Agriculture says a surge in imports caused serious injury to local hog farmers. It signed the order on 7 November 2026 under the Safeguard Measures Act (Republic Act 8800, the law allowing temporary import curbs).

How much of MBRF’s business is in the Philippines?

MBRF says the Philippines accounts for 0.8% of its sales volume. Its chief executive called the effect fairly limited.

How long does the Philippine pork suspension last?

It lasts 60 days from the date it takes effect. The Department of Agriculture may modify it.

Sources: Philippine Department of Agriculture, Department of Agriculture order of 7 November 2026 and press release of 9 November 2026; MBRF executives; exchange rates from a market-data provider (US$1 = 63.75 pesos, 12 November 2026). More coverage: Brazil news.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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