By an average of P50 per sack: Rice prices rise

CEBU, Philippines — The cost of a sack of rice in Cebu City has increased by an average of P50.

Despite the recent hike, the current price of rice remains lower than last year's rates. Thanks to an adequate supply, prices are expected to stabilize at this level for the rest of the year.

Yesterday, Erwin Goc-ong, president of the Cebu Market Vendors Development Cooperative (CEMVEDCO), announced that due to the continuous downpour in recent days, the price of rice has increased by an average of P50 per sack over the past 10 days.

He mentioned that he stays in regular weekly contact with the Philippine Statistics Authority (PSA) to keep an eye on prices and stock levels at the Carbon Public Market.

“Ang supply sa bugas, naay daghan, ang presyo sa bugas kasagaran gud basta season na sa Pasko, musaka man ang presyo. Karon 50 na ang saka, but tungod sa kadaghang supply, di siya kasaka og ayo,” Goc-ong said.

He attributed the price hike to fewer imports, explaining that in the Philippines, rice farmers only have two harvesting seasons and experience lean months in June, July, and August.

In these months, he said, the supplies of locally produced rice are already depleted.

“Kung hinay makapagawas ang imported mao ng mosaka og ayo ang presyo,” Goc-ong said.

He said, though, that despite the price hike, the prevailing prices are still lower than the prices observed last year.

With this, he added, there is assurance of supply stability and the situation cannot be considered as alarming.

Goc-ong said that for Ganador rice, the price has risen from P2,770 to P2,800, an increase of P30 per sack. The price of Princess Bea rice has also risen by P50 per sack. However, it has not reached last year’s price of P3,000.

December last year, he said, the country experienced a smaller harvest. He had said that time that they did not expect rice prices to rise, as September and October were supposed to be harvest months. That time, one sack of Ganador rice was sold at P2,650 in July and August, and then it rose between P3,020 and P3,050.

For this year, Goc-ong said the prices depended on the government’s provision of an adequate importation volume to ensure a sufficient supply.

As price monitoring is also being intensified, Goc-ong said they are awaiting the result of the Department of Trade and Industry’s price monitoring. - /RHM (FREEMAN)