Rice inventory declined to 2.02 MMT in August

THE country’s rice inventory as of August 1 declined by 3.38 percent to 2.028 million metric tons (MMT), from 2.098 MMT recorded a year ago, according to the latest report of the Philippine Statistics Authority (PSA).

Despite the decline, the PSA said total rice inventory during the period would be enough to supply the rice-consumption requirement of Filipinos for 60 days.

“Stocks in the households would be enough for 22 days, those in commercial warehouses for 34 days and those in NFA depositories for three days,” the PSA said in its monthly report, titled “Rice and Corn Stocks Inventory August 2017”, published on September 11.

Of the rice inventory as of August 1, the PSA said 36.9 percent were with the households, 57.74 percent were in commercial warehouses and 5.36 percent were in NFA depositories. About 69 percent of NFA stocks consisted of imported rice.

PSA data showed that NFA stocks during the period reached 108,690 MT, while commercial warehouses accounted for 1.170 MMT. Households accounted for 748,340 MT.

“Compared with the previous year, rice stocks in households and in commercial warehouses grew by 8.56 and 88.38 percent, respectively,” the report read.

“However, stocks in the NFA depositories dropped by 86.21 percent,” it added.

On a monthly basis, rice stocks across all sectors were lower compared to the July record.

The PSA said stocks in the households went down by 24.78 percent, while stocks held by commercial warehouses declined 2.26 percent. Rice stocks in NFA depositories fell by nearly 30 percent month-on-month.

PSA data showed that the NFA’s rice stockpile of 108,690 MT was the lowest held by the food agency since February 1996, when inventory reached 140,600 MT.

Data from the government statistical agency also showed that the 2.028-MMT inventory was the lowest since October 2016, when national stockpile hit 2.286 MMT.

The government periodically monitors rice inventory to determine whether it would need to import the staple to boost local stocks.

PSA data also showed that total corn-stock inventory more than doubled to 696,460 MT, from last year’s record of 40,140 MT. However, the corn-stock inventory as of August 1 was 1.88 percent lower than the 683,620 MT recorded in July.

The PSA said the bulk of corn-stock inventory in August, or 87.29 percent, was in commercial warehouses, while households accounted for 11.99 percent. NFA depositories accounted for only 0.72 percent.

Corn stocks in commercial warehouses amounted to 607,960 MT, 83,480 MT in households and 5,540 MT in NFA warehouses.

“Corn stocks in all sectors increased compared with their levels the previous year. Stocks in the households grew by 107.99 percent, in commercial warehouses by 118.81 percent, and in NFA depositories by 4,638.68 percent,” the report read.

“Month-on-month, corn stocks in the households increased by 28.80 percent. On the other hand, commercial warehouses and in NFA depositories decreased by 0.87 percent, and 9.36 percent, respectively,” it added.