Palay farmgate price up 12.7% in September
THE average farmgate price for palay or unmilled rice rose 12.7% year on year to P22.43 per kilogram in September, according to the Philippine Statistics Authority (PSA).
The PSA said that most regions reported growth in the average farmgate price of palay during the month, while three regions — the Cagayan Valley, Central Luzon, and Mimaropa — reported falling prices.
The highest palay prices for September were posted in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), where palay prices rose 95.8% year on year to P26 per kilo.
The lowest farmgate price was recorded in Mimaropa at P19.7 per kilo, down 1.2% year on year.
The National Food Authority (NFA) said last week that it will set the buying price for palay at P23 to P25 per kilo depending on location and grain quality, allowing it to better compete with private traders for grain to build up its inventory.
On a month-on-month basis, the farmgate price slipped 4.5% from August.
The PSA said 11 regions posted higher farmgate prices month on month, while five regions posted declines.
Mimaropa reported the highest decline of 22.65%, from P24.15 per kilo a month prior.
BARMM saw a 10.1% increase month on month from August.
The PSA reported that palay production is expected to decline by 11.9% year on year to 3.35 million metric tons during the three months to September. — Adrian H. Halili