MANILA — Severe fluctuations of the prices of raw materials are making it even tougher this year for tuna canners in the Philippines, which may drag bottom line figures downward.

According to the Alliance Foods Select Inc., the cost of tuna meat has been unstable since January, not just in the Asian markets but even in the European and U.S. markets.

Tuna Market Intelligence, a report published every fortnight by the Parties to the Nauru Agreement, a committee formed by countries advocating for sustainable fishing in the Pacific Ocean, shows that fish costs, tuna in particular, have unexpectedly spiked in the past seven months.

Tuna costs since the start of the year have risen from USD950 per metric ton (MT) to a surprising USD1,400 per MT this July. The highest price recorded was USD1,650 per MT in May 2016.

“Bangkok tuna market insiders say Skipjack tuna prices have inched its way up to USD1,650 per metric ton this month,” the Tuna Market Intelligence said in its May report.

With the continued lowering market price of tuna globally, the competitive landscape continues to create even more pressure on market players in the fish industry.

Tuna canners and fishers from the Philippines are also experiencing the same predicament, more so now that the annual three-month fishing ban has commenced.

The seasonal fishing ban from July to September was put in place to ensure sustainability of pelagic ocean fish such as Skipjack and Yellowfin Tuna.

In the Philippines, there are seven tuna canning companies — six are located in General Santos City and one in Zamboanga City, namely: General Tuna Corporation, Philbest Canning Corporation, Ocean Canning Corporation, Celebes Canning Corporation, Seatrade Canning Corporation, Alliance Select Foods International Inc., and Permex Producer & Exporter Corporation.