PH rice stock swells to 1.8M MT as of Oct., up 16%

The country’s rice stock swelled to 1.77 million metric tons as of Oct. 1, which was 15.8 percent more than the volume recorded a month earlier as harvest volumes piled up. Photo taken from agriculture-ph.com

MANILA, Philippines—The country’s rice stock swelled to 1.77 million metric tons as of Oct. 1, which was 15.8 percent more than the volume recorded a month earlier as harvest volumes piled up.

On the other hand, total rice supply was 11.4 percent smaller compared to the same date in 2012.

According to the Bureau of Agricultural Statistics, the inventory was good for 52 days’ consumption.

Based on the government’s measure of rice self-sufficiency, supply must exceed yearly demand by 90 days’ worth of buffer stock.

Of the total stock, about half or 27 days’ worth of rice was with households while 27 percent or 14 days’ worth was in commercial warehouses.

Households had 900,000 MT by volume while commercial warehouses had 480,000 MT.

The National Food Authority has in its warehouses about a fifth of total stock and good for 11 days.

Last month, Agriculture Undersecretary Dante S. Delima said that even after more than 20 typhoons ravaged the Philippines this year, total damage to palay farms was not enough to make a significant dent on the country’s rice stock.

Delima said palay lost to bad weather was just about 300,000 metric tons or half of the 600,000 MT that the government was prepared to lose this year.

Also, Delima confirmed that the National Economic and Development Authority, which previously recommended to President Aquino the immediate importation of 500,000 MT of rice, has agreed that no new purchase would be made for the rest of the year.

Agriculture Secretary Proceso J. Alcala said in an earlier interview the new consensus “would go by the President’s pronouncement that if ever we import, it is because we need to.”