The Philippine Maize Federation is asking its Department of Agriculture (DA) to apply the new, higher price for yellow corn to commodities already delivered, Business Mirror reports.
The DA announced a new price of P13 per kilo for 300,000 metric tons (MT) of yellow corn. Corn farmers want this pricing structure to be applied to previous deliveries within the same harvest, which sold for 300,000 MT at P10 per kilo.
Agriculture Secretary Arthur Yap defends the dual-price system pointing out that the P10-per-kilo price still allows farmers to profit while offering easy end-user access to the product. The production cost for yellow corn is at P6 to P7.50 per kilo.