Farm gate prices of palay were higher in September compared to the year-earlier level even as it eased from the level in August, boosting rice farmers income.
Data from the Philippine Statistics Authority showed the price of palay stood at P22.43 per kilo, up nearly 13 percent from the year-earlier period after the National Food Authority raised its procurement price to a range of P17 to P30 a kilo from P16 to P23 per kilo last year. The average price of palay was P19.90 a kilo in September 2023.
Easing world rice prices, however, also led to softening of palay prices from the August level of P23.44 a kilo.
PSA data showed palay price was highest in September at P26.04 a kilo at the Bangsamoro Autonomous Region in Muslim Mindanao and P19.69 per kilo in MIMAROPA, or Mindoro, Marinduque, Romblon and Palawan.
Meantime, a total rice stock inventory of approximately 1.66 million metric tons, an increase of 6.8 percent from 1.55 million metric tons in the same period last year. However, on a month-to-month basis, the inventory saw a significant decline of 11.2 percent compared to August 2024, which recorded 1.87 million metric tons.
The latest data reveals that rice stock inventories experienced substantial growth in specific sectors.
Rice stocks from NFA depositories nearly tripled, or by a total 196.7 percent year-on-year due to higher procurement prices. The commercial sector also contributed with a 16.4 percent increase. In contrast, household rice stocks faced a considerable annual decrease of 23.7 percent.
Compared to the August level, September household inventories dropped by 17.0 percent, and the commercial sector saw a reduction of 9.8 percent. NFA depositories registered a slight increase of 0.3 percent compared to the previous month.
In terms of the distribution of total rice stocks as of September, the commercial sector accounted for the largest share at 63.3 percent, households contributed 27.6 percent while NFA depositories made up 9.1 percent of the overall inventory.
