Palay prices declined further in April as the harvest season reached its peak and global rice prices remained lower compared to last year.
According to the latest data from the Philippine Statistics Authority, the national average price of a kilo of dry palay was P17.69, down nearly 28 percent from P24.51 in the same month last year.
In 2023, demand for rice surged amid concerns over global supply following India’s export ban on non-basmati rice and fears of reduced production due to the El Niño-induced drought. The price of 5 percent broken rice Vietnam, the main source of rice imports for the Philippine, exceeded USD600 a ton last year but has fallen below USD400 this year.
Dry palay commands a higher price than freshly harvested palay because it yields more rice when milled and does not require additional drying costs.
April’s average price was also lower than the March average of P18.51 per kilo, a 24 percent drop from P24.55 in March 2023.
Across regions, prices in April ranged from a low of P14.91 per kilo in Caraga to a high of P21.14 per kilo in Central Visayas.
