THE average farm-gate price of palay, or unmilled rice,
continued to decline weeks after President Duterte signed into law a measure
that opened up the local rice industry, according to the latest data from the
Philippine
Statistics Authority (PSA).
PSA data showed that the farm-gate price of palay as of the second week of March fell by 3 percent or P0.60 to P19.30 per kilogram, from P19.63 per kg in the second week of February, when the rice trade liberalization law was signed by the President.
The average farm-gate price of unmilled rice has declined for the ninth straight week, according to figures from the PSA.
“The average farm-gate price of palay of P19.03 per kg dropped further during the week by 1.91 percent, from previous week’s quotation of P19.40 per kilogram,” the PSA said in its weekly report on palay and corn prices, published on Wednesday.
“Similarly, it decreased further by 6.39 percent from the same period of previous year’s level of P20.33 per kg,” it added.
During the reference period of March 6 to 12, the PSA observed the highest farm-gate price of palay in Eastern Visayas at P26 per kg. The lowest was seen in Soccsksargen at P16.85 per kg.
The wholesale and retail prices of both well-milled rice (WMR) and regular-milled rice (RMR) declined on a weekly basis.
“From previous week’s level of P41.11 per kg the average wholesale price of well-milled rice at P40.79 per kg was lower by 0.78 percent during the week,” the PSA said.
“Likewise, the average retail price of well-milled rice at P44.42 per kg went down by 0.07 percent compared with previous week’s level of P44.45 per kg,” it added.
The wholesale price of RMR fell slightly to P37.31 per kg from the previous week’s P37.59 per kg while its retail value declined to P40.40 per kg from P40.60 kg.
However, the prices of both
varieties posted increments from their year-ago levels.
The wholesale price of WMR inched up by 0.37 percent from its previous level of P40.64 per kg while its retail price expanded by 2.4 percent from P43.38 per kg recorded in the same week of 2018.
“Meanwhile, [the wholesale price of RMR] rose by 0.67 percent from the same period of previous year’s level of P37.06 per kg,” the report read. “[The retail price of RMR] exhibited an increment of 1.89 percent from previous year’s same week level of P39.65 per kg,” it added.
Image credits: Nonie Reyes