The country’s rice and corn inventory plummeted year-on-year in November last year by 23.4 percent to 2.4 million metric tons from 3.16 million MT in 2020, according to a report from the Philippine Statistics Authority (PSA).
Nevertheless, the volume of stocks on hand was 23.7 percent higher than the 1.95 million MT recorded in October 2021.
The PSA noted that rice stocks inventory in all sectors—household, commercial and the National Food Authority (NFA)—contracted during the comparative period, which can be attributed partly to the damage to the agricultural areas caused by recent typhoons.
Compared to the inventory level the previous year, stocks in households, commercial and NFA sectors declined by 26.4 percent, 12.6 percent and 36.6 percent, respectively.
Meanwhile, corn inventory as of Nov. 1 last year plunged by 45.7 percent to 554,680 MT from 1.02 million MT.