Farmgate price of palay increased in October 2023

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

Source: Philippine Statistics Authority, Farm Prices Survey

The average farmgate price of palay at the national level was recorded at PhP 20.60 per kilogram in October 2023. This indicates an annual increase of 18.1 percent from the PhP 17.44 per kilogram farmgate price in October 2022. Month-on-month, the average farmgate price of palay increased by 3.5 percent from its price level of PhP 19.91 per kilogram in September 2023. (Tables A and 1)

Among regions, the highest farmgate price of palay during the month was recorded in Region X (Northern Mindanao) at PhP 23.56 per kilogram, while the lowest farmgate price of palay was posted in Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at PhP 17.36 per kilogram.

All regions, except BARMM, recorded positive year-on-year growth rates in the average farmgate prices of palay in October 2023. Region X (Northern Mindanao) registered the highest annual increment of 29.2 percent, while an annual decrease of 7.3 percent was noted in BARMM.

Month-on-month, 11 regions recorded increases in the average farmgate prices of palay, while five regions posted decreases during the month. The highest month-on-month growth rate was registered in BARMM at 30.5 percent, while the highest decrease was posted in Region Xlll (Caraga) with a month-on-month decline of 3.8 percent. (Table 1)

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