Prices of rice in Iloilo records ‘stiff’ decline
Agriculture Secretary Emmanuel Piñol said prices of newly milled rice in Iloilo City have dropped from a high of P60 to as low as P43 last week.
“An inspection which I made of the rice markets in Lapaz, Iloilo City showed that while old stocks and fancy rice were still being sold at over P50 per kilo, prices of newly milled rice harvested this season have started to drop,” Piñol said.
This week, the prices of rice expect to go down further amid the peak of harvest season and on October 19, the National Food Authority (NFA) will start its local palay procurement program in Iloilo Province.
Piñol said the NFA will buy clean and dry palay at P17 per kilo plus an incentive of P3.70 per kilo.
“The Department of Agriculture, the Mother Agency of the NFA, will support the local palay procurement program by providing drying facilities in NFA buying stations and farm equipment and machinery for associations and cooperatives who will deliver the palay to the NFA,” Piñol said.