ILOILO RICE PRICES
START STEEP DROP
By Manny Piñol
Prices of newly milled rice in Iloilo City have dropped from a high of P60 a week ago to as low as P43 today.
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.
Traders, millers and officials of the National Food Authority (NFA) expect the prices to go lower by next week with peak harvest season starting.
The drop in the prices of rice, however, has also resulted in the drop in the buying price of palay from over P20 per kilo weeks ago to only P16 now.
The NFA will start its local palay procurement program in Iloilo Province on Oct. 19.
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.
(Photos by Bong Piñol)
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