The average farm-gate price of dry palay (unmilled rice) as of the first week of December grew by 0.8 percent to a 7-week high of P15.97 per kilogram, from the previous week’s P15.84 per kg, Philippine Statistics Authority (PSA) data showed.
“It also rose further at an annual rate of 1.5 percent, from its average price of P15.73 per kg in the same week in 2019,” the PSA said in its weekly palay and corn price monitoring report.
Historical PSA data showed that this is the highest average quotation for dry palay nationwide since the P15.76 per kg recorded in the first week of October, when most farmers started harvesting their crop.
The highest average price of dry palay (14 percent moisture content) was recorded in Ilocos Region at P17.55 per kg while the lowest average price was reported in Davao Region at P14.84 per kg, PSA data showed.
Despite the uptick in dry palay prices, both the wholesale and retail prices of well-milled and regular-milled rice varieties declined during the reference period, according to the PSA.
“The average wholesale price of well-milled rice dropped to P37.5 per kg or by 0.4 percent this week, from its previous week’s level of P37.64 per kg. Meanwhile, it picked up at an annual rate of 1.2 percent from its average price of P37.06 per kg during the same period of the previous year,” it said. “Likewise, the average price of well-milled rice at the retail trade decreased to P41.13 per kg or by 0.4 percent during the period, compared with its level of P41.29 per kg in the previous week. Also, it declined further at an annual rate of 0.9 percent from its average price of P41.51 per kg in the same week of the previous year.”
The PSA said the wholesale price of regular-milled rice fell slightly to P33.46 per kg from last week’s P33.62 per kg but grew by 1.4 percent from last year’s P33 per kg.
“The average retail price of regular-milled rice, likewise, dropped to P36.29 per kg or by 0.4 percent this week from its previous week’s price of P36.43 per kg. On the other hand, it inched up at an annual rate of 0.2 percent, from P36.24 per kg during the same week of the previous year,” it added.
Last week the PSA said that the country’s unmilled rice output this year is on track to reach a record high this year despite the series of typhoons that battered the farm sector.
PSA data indicated that the country would produce 19.44 million metric tons (MT) of palay by the end of 2020. While the agency adjusted downward its estimated production in the October-to-December period to 7.54 MMT, the volume is still higher than the 7.49 MMT produced last year.
For next year, the Department of Agriculture (DA) said it will shoot for another record as it has set a palay production target of 20.48 MMT.
The DA said it intends to encourage more farmers to plant quality in-bred and hybrid rice seeds in rain-fed and irrigated areas nationwide to achieve this target.