Home Economy Palay farmgate prices climb 32% in March

Palay farmgate prices climb 32% in March

PHILIPPINE STAR/EDD GUMBAN

THE farmgate price of palay, or unmilled rice, rose 32% year on year to an average of P24.52 per kilogram (kg) in March, according to the Philippine Statistics Authority (PSA).

In a report, the PSA said all regions recorded year-on-year growth in average farmgate prices during the month.

The highest prices in March were posted in the Ilocos Region, where palay prices rose 33% to P27.71 per kg.

This was followed by the Western Visayas with average palay prices increasing 47.9% to P26.41 per kilo from a year earlier.

The lowest farmgate price was recorded in the Eastern Visayas at P19.11 per kg. Prices there rose 15.9% year on year.

The National Food Authority Council recently raised its purchasing prices for palay in order to remain competitive with prices offered by private traders in building its rice reserves.

The buying price range for dry and clean palay was raised to P23 to P30 per kg and that for fresh palay to P17 to P23 per kg. Buying prices will vary with location and quality of the grain.

On a month-on-month basis, the PSA said that the average farmgate price declined 2% from February.

The PSA said six regions saw higher farmgate prices month on month, while 10 regions posted declines.

Davao Region reported the highest month on month rise at 7.2%.

The Eastern Visayas saw a 17.3% month-on-month decline in March. — Adrian H. Halili

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