00:00Agricultural group CINAG says the drop in palay prices now at 8 to 12 pesos per kilo is due to flooding of cheap imported rice in the market.
00:09The group says the reports came from farmers based in Bulacan, Nueva Ecija, and Pangasinan.
00:15Millers were only buying palay at a maximum of 15 to 16 pesos per kilo, which had a landed cost of just 26 to 28 pesos per kilo.
00:22CINAG also wants a floor price put in place, 17 pesos per kilo for fresh palay and 23 pesos for dry palay, a higher palay procurement budget at 40 billion pesos, and distribution of cash incentives from excess rice tariff collections.
00:37Federation of Free Farmers Cooperative Head Raul Montemayor said in a DZBB interview on Wednesday that most farmers still sell to private traders who pay low prices because the National Food Authority can only buy a small amount of palay.
00:50Montemayor adds that some farmers in the meantime stored their palay in hopes of better prices but to no avail.
