Pinoys shift to palm oil as coco oil price rises

Filipino consumers may find themselves shifting to cheaper cooking oil this year, particularly palm oil, as the price of prized coconut oil continues to rise and could soon become "inflationary."

- By JASPER EMMANUEL ARCALAS

The rising cost of coconut oil in the domestic market has been flagged by international observers and even by the Philippine Coconut Authority (PCA) as a factor that could affect consumption of the commodity and drive food prices up this year.

The country's consumption of coconut oil is expected to drop in the next market year 2024 to 2026 by 20,000 metric tons to 200,000 MT after prices of the commodity soared and widened its gap with cheaper alternatives like palm oil, according to the US Department of Agriculture - Foreign Agricultural Service (USDA-FAS) in Manila.

"The increase in retail price of coconut oil is projected to shift the demand of price-sensitive consumers and food establishments to palm oil," the USDA-FAS Manila said.