PHL rice inventory hits 6-month high

11.06.2018

A man arranges sacks of rice at a warehouse of the National Food Authority in Quezon City in this file photo. The Philippine Statistics Authority (PSA) said in its latest report that the country’s rice inventory as of May 1 reached 2.909 million metric tons.

The country’s rice inventory as of May 1 rose to the highest level in six months, after the harvest of local paddy kicked into high gear in April, according to data released by the Philippine Statistics Authority (PSA).

Data from the PSA showed that the rice inventory during the period reached 2.909 million metric tons (MMT). On a monthly basis, the figure is 33.3 percent higher than the April inventory. The May 1 stockpile, however, is 9.48 percent lower than the previous year’s 3.214 MMT.

Based on the BusinessMirror’s computation, the May 1 rice inventory would be enough for 90 days.

This is the second consecutive month that the country’s rice inventory posted an increment, following a six-month skid in March due to the depletion of the National Food Authority’s (NFA) stockpile.

Of the total rice inventory, 52.11 percent were with households, 47.77 percent were held by commercial warehouses and 0.12 percent was in NFA depositories, according to the PSA.

The total volume of rice held by commercial warehouses during the period reached 1.516 MMT, while those in households amounted to 1.389 MMT.

The NFA’s rice stockpile as of May 1 plunged to its lowest level in 38 years at 3,480 MT. This is the first time that the grains agency’s buffer stock sank below the 10,000 MT-level.

The bulk of the NFA’s inventory, or 62.67 percent, consisted of imported rice.

“Rice stocks in commercial warehouses increased by 4.33 percent with reference to last year’s inventory level.

However, both stocks held in the households and NFA depositories decreased by 6.77 percent and 98.71 percent, respectively,” the PSA said in its monthly report, titled “Rice and Corn Stocks Inventory,”published recently.

“This month’s stocks level for both households and commercial warehouses went up by 1.01 percent and 90.84 percent, respectively, compared to the previous month’s record. On the contrary, rice stocks inventory level in NFA depositories dropped by 71.58 percent,” it added.

The government periodically monitors rice inventory to determine whether it would need to import the staple to boost
local stocks.

During the period, PSA data showed that total corn stock inventory stood at 338,310 MT, 78.27 percent lower than the last year’s record of 1.556 MMT.

The country’s total corn inventory as of May 1 was also 8.40 percent lower than the 369,340 MT recorded on April 1.


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