August Palay Price Surge to Aid Filipino Farmers, DA Says

The Department of Agriculture (DA) announced that the farmgate price of palay (unhusked rice) jumped by 29.9 percent in August, a development that is expected to help rice farmers absorb higher production costs and improve their income. DA Secretary Francisco Tiu Laurel Jr. stated that the higher farmgate rates would "give rice farmers some room to absorb the increase in fuel, transport and input costs." He added that this would aid farmers in their planting decisions, noting the risks posed by El Niño to farm operations and production. The Philippine Statistics Authority reported that palay prices climbed from P17.06 per kilo last year to P22.16 per kilo this August. The DA noted that palay prices increased in most major rice-producing areas, with many regions recording increases of at least 10 percent compared to last year's rates. The Ilocos Region recorded the highest price increase at 54 percent, followed by Calabarzon at 50 percent, Cagayan Valley at 41 percent, and Central Luzon at 32 percent. Central Visayas had the highest palay price per kilo at P28.07, equivalent to a 41-percent increase. However, Tiu Laurel pointed out that farmgate prices remained depressed in monsoon-affected areas due to excessive moisture lowering the quality of harvested palay. With the anticipated "severe" El Niño later this year, Tiu Laurel said the DA is preparing interventions to cushion its impact on the industry. These include protection for farm productivity, support initiatives for farmers facing weather-related disruptions, and maintaining stability for rice supplies and prices. Information Source: Philstar Nation