Consumers may expect a gradual softening of rice prices in the coming weeks following the ongoing wet harvest cropping in
Millers and traders saw a P2 decline in the price of palay or paddy rice in the past weeks. Prices at the farmgate dropped to P23 per kilo from P25/kg, as harvest season sets in.
So also questioned the NFA’s decision to source Philippine rice stocks from abroad when it could buy rice at a much lower rate in the country’s other agricultural regions. He cited Philippine Statistic Authority data showing average buying rates for a kilogram of domestically produced palay was between P18.50 to P19.
Traders noted there is not much difference in the price of regular-milled and well-milled rice, which cost P55/kg and P57/kg, respectively. A 50 kg sack of rice costs traders P2,500 and with the mark-up of retailers, the price of commercial rice is estimated at a range of P55 to P57/kg. Agriculture undersecretary for Rice Industry Development Leocadio Sebastian is optimistic that full year 2023 output may surpass the 20 million MT mark, given bumper harvest in the first semester.
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