Farmgate price of palay accelerated in August 2023

Table A. Average Farmgate Prices and Growth Rates of Palay (Dry) 
Philippines: August 2022, July 2023, and August 2023

Source: Philippine Statistics Authority, Farm Prices Survey

The average farmgate price of palay at the national level went up to PhP 22.16 per kilogram in August 2023. This indicates an annual increase of 25.8 percent from the PhP 17.61 per kilogram farmgate price in August 2022. Month-on-month, the average farmgate price of palay increased by 14.3 percent from its price level of PhP 19.38 per kilogram in July 2023. (Tables A and 1)

Among regions, the highest farmgate price of palay during the month was recorded in Region III (Central Luzon) at PhP 27.54 per kilogram, while the lowest farmgate price of palay was posted in Region VIII (Eastern Visayas) at PhP 18.04 per kilogram.

All regions recorded positive year-on-year growth rates in the average farmgate prices of palay in August 2023. Region III (Central Luzon) registered the highest annual increment of 56.2 percent, while the lowest annual increase was noted in Cordillera Administrative Region at 0.2 percent.

Month-on-month, all regions recorded increases in the average farmgate prices of palay. The highest month-on-month growth rate was registered in Region XIII (Caraga) at 31.6 percent, while the lowest decrease was posted in Region VII (Central Visayas) at 2.1 percent. (Table 1)

DIVINA GRACIA L. DEL PRADO, PhD
Assistant Secretary
Deputy National Statistician
Sectoral Statistics Office