July 17, 2024 - The Philippine Statistics Authority (PSA) has released its latest data on farmgate prices of palay (unmilled rice) for June 2024. This information is crucial for understanding the income of farmers and the overall health of the rice industry.
The data is collected through the Farm Prices Survey for Palay, conducted during the last five days of each month. Farmgate prices represent the amount farmers receive for their produce at the first point of sale, after deducting any marketing costs they incur.
According to the PSA, the average farmgate price of palay in June 2024 reached P24.2 per kilogram, a significant increase of 27.9% compared to June 2023. However, there was a slight decrease of 0.8% compared to May 2024.
While the national average price rose, there were variations across regions. Ilocos Region boasted the highest farmgate price at P28.3 per kilogram, reflecting a significant 40.2% year-on-year increase. Eastern Visayas, on the other hand, had the lowest price at P19.97 per kilogram, though it still showed a 13.3% improvement year-over-year.
For further details and access to provincial data, interested parties can visit the PSA OpenSTAT portal.