Rice in Cebu: P50 average price hike per sack amid holidays

Various brands of rice that are sold at the Carbon Public Market in this October 24, 2024 Photo. | CDN Digital File Photo/Niña Mae Oliverio

CEBU CITY, Philippines – The price of rice in Cebu has seen a modest increase of around P50 per sack over the past 10 days, according to Erwin Goc-ong, president of the Cebu Market Vendors Cooperative (Cemvedco).

Despite the increase, he assured the public that supply remains sufficient, preventing more substantial price hikes typically seen during the holiday season.

“Ang supply sa bugas naay daghan. Ang presyo sa bugas kay kasagaran gud basta season na sa Pasko musaka gyud. Karon, misaka og P50 ra…sa kadaghan sa supply, dili siya kasaka og ayo,” Goc-ong said.

(There is a lot of supply of rice. In the season of Christmas the price of rice would usually increase. Now, it increased to P50 (per sack)…because of the ample supply, the price could not go up as much.)

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Rice is a staple in every Filipino household. It is indispensable during the Christmas season when families gather for celebrations and feasts.

Heightened demand during holidays

The heightened demand during the holidays traditionally drives rice prices higher. However, due to ample supply, rice is currently cheaper than last year. In 2023, a sack of Ganador rice was sold between P3,020 and P3,050 starting in July. This year, the same variety rose slightly from P2,770 to P2,800.

“Mas barato karon ang bugas kaysa last year… Ang nailhan gud sa tawo, for instance kaning nailhan na sa mga panimalay kaning ganador rice. Ang ganador karon, from P2,770, nag P2,800 na siya karon—not like last year nga ni P3,000 siya kapin,” he said.

(Rice today is cheaper compared to last year…what the people recognize, for instance what most household recognize is the ganador rice. Today the price of ganador rose from P2,770 and it is now P2,800, but unlike last year when it was P3,000 plus.)

According to Goc-ong, the price changes due to seasonal trends and the Philippines’ reliance on imports.

Rice in Cebu: Lean months and prices

He said that rice prices often spike when importation would slow, particularly during the lean months of June to August when local stocks would be depleted.

“Lean months meaning ang atong bugas depleted na ang bodega sa local rice. Kun hinay makapagawas ang imported, mao nang musaka og ayo ang presyo kay rule of thumb sa presyo: supply and demand,” he said.

(The lean months meaning our rice, the warehouse of local rice is already depleted. If the supply of imported rice is slow, then the price will increase because the rule of thumb in prices: supply and demand.)

However, Goc-ong said that the current P50 increase was “not alarming” due to sufficient supply.

Price cap last year

Last year, the government imposed a price cap, particularly during July and August, to curb rising prices. This time, however, no such intervention has been implemented.

He added that the consistent availability of imported rice and proper government distribution regulation could help stabilize prices further.

“Ug mao ra gihapon ila ihatag, dili siya [ang rice] kasaka [ang presyo] ug ang mga bodega nga naay mga bugas, dili siya kasaka,” he added.

(If the supply they give is still the same as last year, then it [rice] cannot increase [prices] and the wareshouses where there are sacks of rice, their prices cannot also increase.)