DA: Palay prices up in 6 of 13 regions since July

Palay farmgate prices have increased in six of the 13 top rice-producing regions in the Philippines since late July.

The Department of Agriculture (DA) reported that traders' buying prices for dry palay rose by 0.3 to 2.6 percent, ranging from P14.43 per kilo in Cagayan Valley to P20.59 in Southern Mindanao.

Agriculture Secretary Francisco Tiu Laurel Jr. stated that the government is closely monitoring the market's response to President Marcos' import ban on rice, which begins on September 1.

Laurel indicated that if palay prices remain low during the ban period, the government may extend it or recommend higher tariffs; conversely, if prices rise, they might shorten the ban.

NFA Administrator Larry Lacson noted that the modest price increase is a positive sign for farmers.