Chocolate prices continue to rise globally due to a significant drop in West African cocoa supply, driven by extreme weather conditions and pest outbreaks.
The International Cocoa Organization reported a 13.1% decrease in global production, leading to a shortage of nearly 480,000 metric tons.
In the Philippines, where over $200 million worth of cocoa products are imported annually, prices have surged, forcing bakeries and cafes to increase product costs or adjust recipes.
Small and medium-scale businesses have raised prices by P10 to P15, while some convenience stores are experiencing supply delays.
To address this, the government is boosting cacao farming efforts by providing seedlings, training, and financing programs to increase local production, though significant results may take years.
Source: PhilNews24 | February 14, 2025
