PH milled rice stock drops due to El Niño

The Philippines’ stock of milled rice decreased further to 2.94 million tons as of Feb. 1 as crop damage due to El Niño ballooned during the phenomenon’s peak months.

The Philippine Statistics Authority (PSA) said in an update that the country’s stockpile went down from 3.2 million tons a month ago.

According to the PSA, the national inventory—which shrank by 7 percent or 260,000 tons over the January level—was good for 87 days’ consumption or six days less than the previous month’s stock.

Even the, data from the PSA show that the National Food Authority’s stock increased further by 11 percent or 100,000 tons to reach one million tons.

The NFA’s reserve was 86 percent imported, about the same as the ratio a month earlier.

As of Feb. 1, the NFA’s stock was good for 29 days’ consumption, still well above the agency’s mandated minimum volume of 15 days’ supply.

Stocks held in commercial warehouses dipped further by 3 percent or 30,000 tons to 940,000 tons, equivalent to 28 days of nationwide consumption.

Household stocks lost 25 percent or 330,000 tons to settle at one million tons, which can last for 30 days.

In late January, the NFA Council said it “may not need to import (milled) rice” for the first quarter this year, citing data the Food Security Committee that show “sufficient rice supply until the end of June.”

“Total rice importation contracted for this year is conservative at 500,000 (tons) through a government-to-government procurement with Vietnam and Thailand,” the NFA Council said in a statement.

“It was contracted last year, with arrivals scheduled this year, to get the lowest possible price,” the council said.