Rice stocks down in January

MANILA, Philippines — The country’s rice inventory reached 2.29 million metric tons (MT) in January, down 17 percent from the same month a year ago.

Based on latest data from the Philippine Statistics Authority (PSA), last month’s inventory was 20 percent lower than the 2.85 million MT recorded in December 2017.

The PSE, however, said the stock inventory of Filipinos’ main staple would be sufficient for 67 days, the PSA said.

Stocks held by households are sufficient for 52 days, while those in commercial warehouses are good for 34 days.

The National Food Authority, meanwhile, has depositories enough for only two days when it is required to have a 15-day buffer stock.

This is also the reason why the state-run grain agency has been pushing for the importation of the 250,000 metric tons of rice, which finally got the approval of President Duterte.

Households had more than half of the total inventory at 58 percent while commercial warehouses held about 37 percent. Supplies from NFA depositories cornered five percent of the total.

On a monthly basis, decline was seen in all sectors with a 19 percent decrease each in both households and commercial warehouses, and 32 percent in NFA depositories.

Meanwhile, corn stock inventory surged 150 percent to 951,600 MT as of the end of January.  Of the total, 92 percent was in commercial warehouses, eight percent in households, and less than one percent in NFA depositories.

Month-on-month, corn stocks in households declined by 16 percent while inventory in commercial warehouses and NFA depositories increased by 96 percent and 16 percent, respectively.