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Palay farmgate price rises 0.2% in late June

palay farmgate price rises 0 2 in late june 816x445 - Palay farmgate price rises 0.2% in late June
rice farmer 030818 - Palay farmgate price rises 0.2% in late June
PHILSTAR

THE Philippine Statistics Authority (PSA) said the average farmgate price of palay, or unmilled rice, rose 0.2% week-on-week in the fifth week of June to P17.88 per kilogram (kg).

According to the PSA’s weekly price update for palay, rice and corn, the average wholesale price of well-milled rice fell 0.1% week-on-week to P39.28 per kg. At retail, it also fell 0.02% to P42.91.

The wholesale price of regular-milled rice rose 0.2% week-on-week to P35.45 during the period. At retail, the price rose 0.1% to P38.60.

The farmgate price of yellow corn grain rose 0.1% week-on-week to P13.99 per kg. The average wholesale price was stable at P18.30, but the retail price increased 0.3% to P23.75.

The average farmgate price of white corn grain declined 0.7% week-on-week to P16.13. The average wholesale price fell 2.7% to P21.80, and the average retail price declined 0.2%% to P28.76.

The price of rice had been on a downward trend in the past few months. Palay prices have been under pressure from the threat of competition from cheaper foreign grain that is now being imported more freely with the implementation of the Rice Tariffication Law.

The Department of Agriculture (DA) said it is looking to impose a suggested retail price (SRP) for rice. Agriculture Secretary Emmanuel F. Pinol said that the DA is drafting a memorandum of agreement (MoA) with the Department of Trade and Industry (DTI) for the implementation of the system. He said that the MoA is expected to be signed within the month.

The Federation of Free Farmers’ (FFF) national manager Raul Q. Montemayor said the SRP can be used as a pretext for traders to buy rice at even lower prices from farmers. — Vincent Mariel P. Galang

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