The Cebu Market Vendors Multi-Purpose Cooperative (Cemvedco) reported an average increase of up to P50 per sack in rice prices over the last 10 days.
Cemvedco Chief Executive and former chairman Erwin Gok-ong told Cebu media that this hike may strain consumers' budgets due to a reduced supply of imported rice.
He noted that rice prices are likely to rise further as the holiday and Christmas season begins.
However, Gok-ong emphasized that there is still sufficient rice supply, which could help mitigate the price surge.
The price increase was partly attributed to a decrease in imports as the country accounted for two harvest seasons.
“If the imported rice cannot be immediately released to augment the low supply, it would result in a sudden increase in price due to the law of supply and demand,” Gok-ong reiterated.
Premium local rice varieties like Ganador have seen significant price hikes. In November, Ganador was priced at P2,670 per sack, but it has risen to P2,830 per sack this week.
"Our capital for premium local rice Ganador last month was at the lowest P2,670, then we sold at P2,720. Two weeks ago, it rose to P2,720, and we sold it at P2,780. Today, our capital is P2,770, and we are selling it at P2,830. The reason is low supply," Gok-ong explained.
For the Princess Bea brand, the increase also reached P50 per sack, although it remains below last year’s price of over P3,000 per sack.
Imported DT8 rice varieties have also seen price increases across different brands. Two weeks ago, the average selling price was P2,380, and vendors sold it at P2,430. Now, the capital cost has risen to P2,450, with vendors selling it at P2,500 or P2,520.
This uptick is attributed to the rising value of the dollar.
Gok-ong also noted that imports of Myanmar rice have decreased due to sufficient inventory levels.