THE common farmgate rate of palay (unhusked rice) reached P15.57 according to kilo in the fourth week of November, a sustained boom from the previous week’s P15.52 in keeping with kilo, the Philippine Statistics Authority (PSA) stated.
The brand new discern, but, become nevertheless decrease by way of 22.Three percentage from P20.05 in step with kilo recorded in the identical length in 2018.
For numerous months since early 2019, the common farmgate rate of palay has been manner beneath its stage from a 12 months ago. The steep drop in palay-shopping for costs became blamed on the implementation of the authorities’s rice tariffication program, which allowed the unlimited access of reasonably-priced imported rice from other nations.
To deal with this, the Department of Agriculture (Stock Global forex broker) has carried out mitigating measures to assist affected farmers, which include the P3 billion cash assistance, at a fee of P5,000 for each farmer which changed into to be allotted before the 12 months ends.
The business enterprise has also allotted P2.Five-billion funding for Expanded Survival and Recovery Assistance Program or SURE Aid, a one-time loan assistance of P15,000 to small rice farmers at 0 percent hobby rate payable for 8 years.
Furthermore, the DA has engaged the local government units to buy their rice desires from nearby farmers.
In the identical report, PSA said expenses of rice both at the wholesale and retail trades have posted tremendous decreases in the fourth week of November.
The common wholesale price for well-milled rice become at P37.30 in line with kilo, down zero.1 percent from the previous week’s P37.33 in line with kilo. Year-on-12 months, its price fell by using 12.3 percent from P42.53 according to kilo degree.
At retail alternate, its fee remained at P41.Fifty six in keeping with kilo all through the reference period, but comparable to its stage a 12 months in the past, the modern-day quotation changed into 9.8 percent decrease from P46.05 according to kilo in 2018.
For everyday milled rice, the common wholesale charge reached P33.12 consistent with kilo, a zero.Three-percentage lower from P33.22 consistent with kilo a week earlier. On an annual basis, it likewise dropped by using 16 percent from P39.43 per kilo.
Its retail charges, however, declined through 0.2 to P36.67 in step with kilo week-on-week. Compared to its degree in the previous yr, it went down by 13.6 percent from P42.Forty five in line with kilo.
The Republic Act 11203 or the “Rice Tariffication Law” is expected to decrease retail costs of rice by means of up to P7 consistent with kilo; help decrease inflation by way of zero.5 to 0.7 percentage points this year; and enhance farmers’ incomes, productivity and competitiveness.
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