As the Philippines awaits the entry of cheaper imported rice under the Rice Liberalization Law, farmgate price of palay (unhusked rice) further dropped in the second week of May, the Philippines Statistic Authority (PSA) said.
In its latest price monitoring report, PSA said the average farmgate price of palay fell by 0.5 percent to P18.35 per kilo from week-ago’s P18.45 per kilo. Year-on-year, it likewise fell by 12.6 percent from P21 per kilo.
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