National rice, corn stocks higher in Q1

Despite the effects of El Niño to agriculture, the country’s rice and corn inventory in the first quarter posted growth from year-ago level, government data showed.

A report from the Philippine Statistics Authority (PSA) showed the country’s total rice and corn inventory as of March at 2.22 million metric tons (MT) and 397,000 MT, respectively, up 30.87 percent and 42.68 percent.

The bulk of the rice stocks, or 46.53 percent, was  held by households, while 31.32 percent was in commercial houses. The remaining 22.15 percent was in the National Food Authority’s depositories, PSA said.

As for corn, 71.71 percent of the national stocks were in commercial warehouses, while the remaining 28.29 percent were in the households.

However, with the state weather bureau’s forecast that El Niño would strengthen by April, the value of losses in agriculture might increase further.

The Department of Agriculture’s disaster and risk reduction management council said damage to rice and corn brought by El Niño already reached P5.05 billion as of April 2.