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Palay farmgate price still falling in early July

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THE Philippine Statistics Authority (PSA) said the average farmgate price of palay, or unmilled rice, fell 0.6% week-on-week in the first week of July to P17.78 per kilogram (kg).

In its weekly price update, the PSA said, the average wholesale price of well-milled rice fell 0.1% week-on-week to P39.26. At retail, it also fell 0.1% to P42.81.

The wholesale price of regular-milled rice fell 0.1% week-on-week to P35.40 during the period. At retail, the price fell 0.2% to P38.51.

The price of domestically-grown rice had been falling due to the threat of competition from cheaper foreign grain, imports of which were liberalized this year under the Rice Tariffication Law.

The farmgate price of yellow corn grain fell 0.6% week-on-week to P13.91 per kg. The average wholesale price fell 0.3% to P18.24, but the retail price increased 0.3% to P23.81.

The average farmgate price of white corn grain rose 0.1%, week-on-week, to P16.12. The average wholesale price fell 0.8% to P21.63, and the average retail price also declined 0.8% to P28.52. — Vincent Mariel P. Galang

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