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source: businessmirror.com.ph


The farm-gate price of unmilled rice as of the third week of July declined by 0.28 percent to P21.55 per kilogram (kg) after hitting an all-time high during the previous week, according to the Philippine Statistics Authority (PSA). Data from the PSA showed that the country’s record-high average farm-gate price at P21.61 per kg was observed in the second week of July, surpassing the previous record of P21.53 per kg. From July 18 to 24, the PSA recorded the highest farm-gate price of palay in Ilocos region at P22.75 per kg. The lowest palay quotation was observed in the Autonomous Region in Muslim Mindanao at P18.50 per kg. However, the PSA’s weekly price monitoring report showed that the quotation during the period was still higher by 10.57 percent compared to last year’s P19.49 per kg Farmers and traders said the average farm-gate price of palay remains high due to more expensive fuel and inputs which raised their production cost. Despite the slight reduction in the average palay quotation on a weekly basis, both the retail and wholesale prices of regular-milled and well-milled rice varieties sustained increments during the reference period. The retail price of well-milled rice rose by 0.38 percent to P44.98 per kg, from the previous week’s P44.81 per kg. On a yearly basis, the latest figure was 7.27 percent higher than the P41.93 per kg average quotation recorded in the third week of July last year. The average retail price of regular-milled rice during the reference period reached P41.21 per kg, 0.12 percent and 8.89 percent higher than its previous week and year level, respectively.