Average farmgate price of palay lowest in nearly 8 years

By CNN Philippines Staff, 11 Oct 2019

Metro Manila (CNN Philippines, October 11) – The farm gate price of unmilled rice or palay is now at its lowest level since 2011, data from the Philippine Statistics Authority showed.

In its latest update, the PSA said that as of third week of September, the average palay price hit P15.96 per kilo for the first time since December 2011, in which palay was sold at an average rate of P15.99.

The average farmgate value of the produce was P22.84 per kilo in the same period last year, the PSA said in its weekly price monitoring report posted on its website.

The PSA added that the average selling price of palay on the second week of September was P16.18 per kilo.

Last month, the Department of Agriculture said it will at least double tariffs on imported rice in a move to ease the situation of local farmers suffering from low prices of their agricultural product.

In an earlier statement, Agriculture chief William Dar said the DA will release by October an order raising duties on rice from Southeast Asian countries to 75 percent from the current 35 percent while tariff on imported rice from other countries will be increased to 100 percent from 50 percent.

Asked for an explanation, Dar told CNN Philippines that the earlier statement was “recast” because they are still discussing the numbers.

“The decision by the department is to have this be discussed first with the economic development managers of the government,” Dar said on Friday.

Farmers have been complaining that the deluge of imports has caused a plunge in prices of palay.