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Palay farmgate price further slips in late Sept

October 17, 2019

THE average farmgate price of palay (unmilled rice) dropped further by nearly 1 percent to P15.82 per kilo as of the fourth week of September, compared to its level a week earlier, the Philippine Statistics Authority (PSA) said.

In its regular update on palay, rice and corn prices, PSA said the latest figure was also 29.3 percent lower from last year’s P22.36 per kilo.

The continuous drop in locally-produced palay was blamed on the implementation of Republic Act 11203 or “Rice Tariffication Law,” which allowed the unlimited entry of cheap imported rice from other countries.

Since passage of the law in February, Philippines’ rice imports already reached 2.4 million metric tons (MT), data from the government showed.

The Philippines is seen to become the second largest rice importer in the world this year, according to the US Department of Agriculture (USDA). Philippine rice imports are expected to reach an all-time high of 3 million MT, just 500,000 MT short of China’s rice importation requirement.

Meanwhile, PSA said prices of rice both at the wholesale and retail trades were generally lower in the fourth week of September as against their levels a week and a year ago.

The average price of well-milled rice at the wholesale trade was at P38.15 per kilo, down 17.2 percent from last year’s P46.07 per kilo. Week-on-week, it dropped 0.2 percent from P38.21 per kilo.

At retail trade, its average price fell by 14.9 percent to P42.03 per kilo. It likewise decreased by 0.2 percent from P42.11 per kilo recorded in the previous week.

For regular milled rice, the average wholesale price dipped to P34.04 per kilo or by 21.2 percent from P43.22 per kilo in September 2018. Similarly, it fell by 0.2 percent from previous week’s level of P34.09 per kilo.

Its equivalent price at the retail trade was pegged at P37.63 per kilo, down 18.4 percent from last year’s P46.14 per kilo. Week-on-week, it dropped 0.1 percent from P37.66 per kilo.

Credit belongs to : www.manilatimes.net

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