Rice inventory up 5.6% in June

MANILA, Philippines — The country’s rice inventory rose 5.6 percent in June after a decline in May,  according to the Philippine Statistics Authority (PSA).

In its latest rice and corn stocks inventory report, the PSA said total rice stocks inventory stood at 2.53 million metric tons as of June 1, up from 2.4 million MT in the same period a year ago.

The figure, however, is 2.1 percent lower than the 2.58 million MT recorded in the previous month.

Based on the average daily consumption of Filipinos of 32,000 MT, the current inventory is sufficient for 79 days.

Commercial warehouses accounted for the bulk of the inventory or 46.4 percent at 1.17 million MT.  This was followed by households with a 44.7 percent share of the total inventory at 1.13 million MT.

Supplies from the National Food Authority (NFA) depositories cornered 8.9 percent at 225.09 million MT.

On a monthly basis, rice stocks in commercial warehouses increased by 27.7 percent.

In contrast, stocks in households declined by 20.5 percent.

Similarly, supplies in NFA depositories also dropped 6.7 percent from the previous month.

Compared to the previous year’s level, rice stocks in commercial centers jumped by 31.6 percent.

Rice stocks in commercial centers and NFA depositories, on the other hand, decreased by 9.9 percent and 9.4 percent, respectively, from a year ago.

For this year, the Department of Agriculture (DA) projects a year-end stock of rice good for 75 days.

Agriculture Secretary William Dar hopes production of palay or unhusked rice will be sustained in the second half in a bid to achieve the DA’s target of 20.4 million MT this year.

“We expect the wet season in the second semester, especially in the third quarter. So we’re hoping that the strong typhoons will not come and we’ll be able to plant better in terms of palay,” Dar said.

Dar noted that rice production already improved in the first half.

“I think rice production increased by 4.3 percent in the first semester. If this continues in the second semester, then our 20.4 million MT target will be met,” he said.