THE Philippine Coconut Authority (PCA) in Davao Region noted an increasing trend in the copra prices this week.
As of January 17, the farm gate price of copra pegged at P24 to P26 per kilogram (kg) while the millgate price is at P27 per kg.
PCA-Davao coconut production and regulation officer Arnel Cabillan said this is expected to go up due to the slowdown of coconut and copra production in the country.
He said the hike in copra prices began around December 2019 from P22 per kg to P23 per kg in the previous months.
"Ngayon, humihina na ang production. Ang crop kasi may resting period yan at lumiit na ang inventory natin sa world market (The coconut production has slowed down because the crop is now on its resting period and our inventory of coconut oil in the world market is becoming lower)," Cabillan said.
He said there is currently a huge volume of other vegetable oils in the market especially palm oil which is coconut oil's stiff competitor.
"Masyadong malaki ang volume ng palm oil sa world market tapos mas mababa ang presyo. Hindi maka-dictate ng presyo ang coconut kasi malaki ang volume ng palm oil at vegetable oils (There is a huge volume of palm oil available in the world market and it is cheap. Our coconut oil cannot compete with the price because of the huge volume of palm oil and vegetable oil s in the world market)," he said.