Manila, July 17 -- Rice farmers posted higher earnings in 2024 despite rising production costs, while the country achieved a stronger rice buffer stock, the Department of Agriculture (DA) reported Thursday.

Based on data from the Philippine Statistics Authority (PSA), the average farmgate price per kg. of palay (unhusked rice) rose to PHP23.48 in 2024, up from PHP19.88 in 2023.

This increase resulted in a higher gross return of PHP95,906 per hectare and a net return of PHP36,211 per hectare, compared to PHP82,914 and PHP26,423, respectively, in 2023.

This corresponds to a net profit-cost ratio of PHP0.61 for every kg. of palay sold, higher than PHP0.47 in 2023 and PHP0.20 in 2022.

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