Consumers will benefit from the continued decline of prices of commercial in the market as they get more value for their money.
Prices of commercial rice started to decline first week of February based on the data from the Philippine Statistics Authority (PSA) for both regular and well milled rice. Average wholesale price of well-milled rice (WMR) went down from P39.02 per kilogram to P38.57 per kilogram and from P35.76 per kilogram to P35.35 per kilogram for regular milled rice (RMR) on the third week of March. From a high of P42.12 per kilogram, average retail price of WMR went down to P41.72 and from P38.47 per kilogram to P37.97 for RMR during the same period.
Meanwhile, monitoring teams of the National Food Authority have observed that the lowest price for well-milled rice was monitored at P30.00 per kilogram in Abucay Market in Tondo, Manila. Well-milled rice priced at P33.00 per kilogram is also available in Pritil Market in Tondo, Manila; Riverside Market and Luzon Talipapa both in Old Balara, Quezon City.
“As the palay summer harvest season has reached its peak, the law of supply and demand applies,” NFA Administrator Renan B. Dalisay explained. He said that farmers in the traditional production areas in the country are already harvesting where a significant volume of palay is expected to come.
Prices of commercial rice in the market continue to decline as palay summer harvest season has reached its peak. In Abucay Market, (above photo)there is as low as P30.00 per kilogram well milled rice while the lowest rice available in Galas Market(photo below) is P32.00 per kilogram rice.
Data from PSA showed that the average farm gate price of palay is higher at P19.91 on the third week of March last year as compared to P18.05 this year during the same period. The continued downward trend in the prices of commercial rice is relatively due to the low farm gate price of palay.
Dalisay assured the farmers of the food agency’s readiness to procure their produce if the ex-farm price of palay continues to go down. He said that procurement funds were already remitted to NFA field offices while mobile procurement teams have already been mobilized to assist farmers especially in the remote areas. He added that there are 303 buying stations and mobile procurement teams nationwide.