The country’s rice inventory reached nearly 3 million metric tons (MMT) a few weeks before farmers started planting for the wet season based on the latest data from the Philippine Statistics Authority (PSA).
In its latest report, the PSA said Philippine rice stocks reached 2.947 million metric tons as of May 1, 1.3 percent higher than the 2.909 MMT recorded in the same period last year.
On a monthly basis, however, data from the PSA showed that rice inventory during the period was higher by 12.2 percent compared to the April level of 2.627 MMT.
Rice harvest in the Philippines reached its peak in April. Farmers usually begin planting their wet- season crop in May.
According to the PSA, stocks held by the National Food Authority (NFA) jumped the most as it surged by 15,952.4 percent year-on-year to 558,140 metric tons (MT) in May.
The surge could be attributed to the implementation of the rice trade liberalization law, which limited the role of the NFA to buffer stocking. The food agency stepped up its purchases of rice from local farmers to beef up its inventory.
Compared to the April 2019 level of 576,190 MT, however, NFA’s rice stocks were lower by 3.1 percent.
On an annual basis, stocks held by households and commercial warehouses fell by 9 percent and 25.9 percent, respectively, data from the PSA showed. The rice inventory of households reached 1.265 MMT while commercial warehouses had stocks of 1.123 MMT.
The PSA also reported that the country’s total corn stocks stood at 829,110 MT as of May 1. The figure is more than w double the 338,310 MT recorded a year ago.
The latest figure was also 35 percent higher than the April inventory of 614,000 MT, according to the PSA.
The corn inventory of households and commercial warehouses was higher by an annualized rate of 72.6 percent and 160.2 percent, respectively. The NFA, according to PSA data, did not have corn stocks during the period.
On a monthly basis, corn stocks in households were lower by 30.1 percent. The inventory of commercial warehouses, however, was higher by 55.1 percent.
Of the current corn inventory, households accounted for 12.2 percent while commercial warehouses held 87.8 percent.