The average farm-gate price of palay as of October 2 fell by 2.05 percent to a six-week low of P22.41 per kilogram, from the previous week’s level of P22.88 per kg, according to the Philippine Statistics Authority (PSA).
The farm-gate price of palay declined after farmers started harvesting their crop last month. However, the figure was still 16.54 percent higher than the P19.23 per kg recorded in the fifth week of September 2017.
The figure recorded as of October 2 is the second straight week that the nationwide average farm-gate price of palay went down, according to the PSA’s price monitoring report.
From September 26 to October 2, the PSA observed the highest farm-gate price in Central Visayas at P25.24 per kg, while the lowest average quotation of P20 per kg was seen in the Autonomous Region in Muslim Mindanao.
Apart from traders, the National Food Authority (NFA) also purchase palay from farmers. The state-run food agency expressed confidence that it will be able to buy more unmilled rice after the NFA Council approved an additional incentive of P3.00 per kg in the agency’s palay procurement support price of P17.00 per kg.
Just like in the previous week, the PSA noted mixed movements in the wholesale and retail prices of rice in the country.
At the wholesale level, the prices of both well-milled rice and regular-milled declined for the second straight week.
“At the wholesale trade, the average price of well-milled rice at P45.95 per kg fell by 0.20 percent from previous week’s level. [But] it picked up by 17.01 percent from the level a year ago of P39.27 per kg,” the PSA said in the report published recently.
“Compared to the previous week’s level the average wholesale price of regular-milled rice at P43.08 per kg went down by 0.09 percent. On an annual basis, it gained by 21.08 percent,” it added.
For the first time the average retail price of well-milled rice declined slightly to P49.30 per kg, from the previous week’s P49.37 per kg, according to the PSA.
However, the average quotation was still 16.55 percent higher than last year’s P42.30 per kg.
“At the retail trade, the average price of regular-milled rice at P46.04 per kg inched up by 0.46 percent from previous week’s level. Relative to the level a year ago of P38.01 per kg, it climbed by 21.13 percent,” the PSA said.