PHL rice supply down 2.98% in December–PSA

11.01.2017

The country’s rice inventory as of December 1 last year reached 3.34 million metric tons (MMT), 2.98 percent lower than the 3.4 MMT recorded in 2015, according to data from the Philippine Statistics Authority (PSA).

In its monthly report, titled “Rice and Corn Stocks Inventory”, the PSA said the December figure was 1.11 percent higher than the November inventory of 3.3 MMT.

“The total rice inventory for [December 2016] would be adequate for 98 days,” the PSA report read.

“Stocks in the households would be good for 49 days, those in commercial warehouses for 32 days, and those in NFA [National Food Authority] depositories for 17 days,” it added.

Of the rice inventory as of December 1, the PSA said 50.25 percent were with the households; 32.85 percent were in commercial warehouses; and 16.90 percent were in NFA depositories. The majority, or 79.35 percent, of NFA stocks consisted of imported rice.

PSA data showed that NFA stocks during the period reached 564,180 metric tons (MT), while commercial warehouses accounted for 1.096 MMT. Rice in households reached 1.67 MMT.

“Compared with 2015, rice stocks in the households and in commercial warehouses increased by 2.01 percent and 12.40 percent, respectively,” the report read.

“On the other hand, stocks in NFA depositories decreased by 31.25 percent,” the report added.

On a monthly basis, rice stocks in all sectors were higher compared to their levels last November. The PSA said stocks in the households expanded 0.04 percent, while those in commercial warehouses grew by 1.66 percent. Stocks in NFA depositories declined by 3.33 percent.

Philippine rice inventory is expected to be boosted by the arrival of rice imported under the minimum access volume (MAV) scheme. The NFA said qualified rice traders have purchased 53,044 MT of imported rice. The figure accounts for 7.66 percent of the 692,340 MT approved rice volume to be imported by the private sector under the 2016 MAV Rice Importation Program.

The NFA said 20 farmers’ organizations and private firms brought the imported rice into the country. More than three quarters, or 78.17 percent of the 53,044 MT, were bought from Thailand, the NFA report showed. The remaining volume, which amounted to 11,580 MT, came from Vietnam.

The government allows rice imports within the MAV scheme to enter the country at a lower tariff of 35 percent. Imports in excess of the MAV are slapped a higher tariff of 50 percent.

The PSA data also showed that the country’s corn inventory last December rose by more than a quarter, or by 38.83 percent, to 369,980 MT, from 265,200 MT recorded a year ago.

However, the December corn-stock inventory is 39.51 percent lower than the November inventory of 604,790 MT.

The PSA said more than half of the total corn-stock inventory, or 69.73 percent, last December were in commercial warehouses, while 40.68 percent were held by households.

Corn in commercial warehouses reached 218,430 MT, stocks in households accounted for 150,520 MT of the total inventory, while corn stored in NFA warehouses amounted to only 1,030 MT.

“Year-on-year, corn stocks in the households and in commercial warehouses grew by 55.34 percent and 30.83 percent, respectively. However, stocks in NFA depositories dropped by 23.71 percent,” the report read.

“Compared with last month, stocks in commercial warehouses and in NFA depositories grew by 69.41 percent and 190.40 percent, respectively. However, stocks in the households dropped by 38.12 percent,” the report added.


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