Rice stock jumps 13% on imports from Vietnam
Thanks to the continued arrival of rice imports from Vietnam, the National Food Administration’s rice stock jumped 13 percent over a month’s period to 520,000 metric tons as of April 1.
At the same time, stocks of households and commercial warehouses swelled by 25 percent and 26 percent, respectively, according to the Philippine Statistics Authority (PSA).
This caused the national supply to arrest a downtrend in the previous five months and jump 22 percent to 2.18 million tons amid the current harvest season that stretches until the middle of May.
The PSA said the overall inventory was good for 64 days’ consumption, which was 11 days more than in the beginning of March.
Of the total stock, the NFA was holding about 24 percent that is good for 15 days.
The NFA is mandated to maintain a buffer stock that should last for 15 days which, at a national consumption rate of 34,000 MT daily, is about 500,000 MT.
Based on the government’s measure of rice self-sufficiency, supply must exceed yearly demand by 90 days’ worth of buffer stock.
Also, more than half or 35 days’ worth of rice was in the hands of households while about 22 percent or 14 days’ worth was in commercial warehouses.
Households were keeping 1.19 million tons by volume while commercial warehouses kept 480,000 tons.
The NFA expects to further beef up its buffer stock in the next three months following the award of contracts to Vietnamese suppliers for 800,000 MT that will arrive in tranches starting this month.
NFA Administrator Orlan A. Calayag earlier said in a statement the new cargo from Vietnam would form part of the government buffer stock for the lean months of July to September.
“It will also serve as contingency stocks during natural or man-made calamities,” Calayag said.
