The average farmgate price of palay (unmilled rice) continued to fall as of the second week of August, reaching P17.62 per kilo, the Philippine Statistics Authority (PSA) said.
In its weekly update on palay, rice and corn prices, PSA said the latest average quotation of palay was 20.9 percent lower than the P22.28 per kilo in the same period last year.
Month-on-month, it dropped by 0.6 percent from P17.72 per kilo.
The steep drop in locally produced palay was blamed on the implementation of the Rice Tariffication Law, which allowed the unlimited entry of cheap rice imported from other countries.
The Philippine Chamber of Agriculture and Food, Inc. (PCAFI) earlier urged the government to start increasing the tariff on rice imports to help plummeting prices of palay to recover. The new rice regime has so far stripped P95 billion in losses for farmers, according to PCAFI president Danny Fausto.
In the same report, PSA said prices of well-milled and regular milled rice posted significant decreases at wholesale and retail trades.
The average wholesale price of well-milled rice slightly increased by 0.2 percent to P39.10 per kilo week-on-week. It fell by 10.2 percent from P43.54 per kilo a year ago.
At retail trade, the average price went up by 0.3 percent to P42.71 per kilo from a week ago, but fell by 7.3 percent from P46.06 per kilo a year earlier.
For regular milled rice, the average wholesale price sligthly dropped to P35.09 per kilo week-on-week. Likewise, it dropped by 12.7 percent from last year’s P40.20 per kilo. Its retail price, meanwhile, remained at P38.38 per kilo week-on-week, but was down by 9.8 percent from P42.57 per kilo in the same period in 2018.