Philippine rice, corn inventory shrank in January | Inquirer Business

Philippine rice, corn inventory shrank in January

MANILA  -Rice and corn inventory in the Philippines plunged in January this year, data from the Philippine Statistics Authority (PSA) showed.

In a report, the PSA said rice stocks stood at 1.77 million metric tons (MT), down 5.1 percent from 1.86 million MT in January last year. This was also 30.3 percent lower than the 2.53 million MT recorded in December last year.

Rice stored in households grew by 7.6 percent to 1.07 million MT, accounting for 60.4 percent of the total inventory.

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Stocks in the National Food Authority (NFA) depositories, however, plummeted by 44.8 percent to 114,910 MT. This is equivalent to a share of 33.1 percent.

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Rice stocks in the commercial sector decreased by 11.5 percent to 583,730 MT,  accounting for a 6.5-percent share.

According to the Bureau of Plant Industry, the country imported 663,806.364 MT of rice as of March 23, mainly from Vietnam.

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Markets in Metro Manila sell locally-produced regular milled rice for P34 to P40 per kilogram (kg) as of Tuesday from P38 per kg the year prior, based on the Department of Agriculture’s price monitoring.

Local well-milled rice is sold for P39.00 to P46 per kg,  from P40 per kg previously.

Local premium rice sells for P42 to P49 per kg from P45 per kg.  Prices of special rice range from P48 to P60 per kg from P50 per kg last year.

Imported regular milled rice retails for P37 to P44 per kg against last year’s P37 per kg and well-milled rice, P40 to P46 per kg.

Premium rice sourced from abroad, which last year was selling for P45 per kg,  is being sold for P43 to P52 per kg. The price of special rice range from P50 to P58 per kg.

The PSA said the domestic corn stockpile was at 252,990 MT in January, a decline of 50.1 percent from 507,150 MT year-on-year.

On a monthly basis, corn stocks slumped by 44.3 percent from 454,030 MT in December 2022.

The commercial sector has 174,150 MT of corn, down by 59.8 percent. This accounts for 68.8 percent of total corn stocks.

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Corn maintained by households rose by 6.6 percent to 78,850 MT,  equivalent to 31.2 percent of the inventory.

TAGS: Agriculture, corn, inventory, PSA, rice

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