Manila, Philippines – The country’s total rice inventory as of March 1 sank to a six-month low of 1.697 million metric tons (MMT) due to the depletion of the stockpile of the National Food Authority (NFA), according to the Philippine Statistics Authority (PSA).
The latest monthly report by the PSA showed that the figure was 22 percent lower than the inventory of 2.176 MMT recorded in the same period last year. On a monthly basis, the volume as 5.48 percent lower than the 1.795 MMT recorded in February.
The March 1 inventory was the lowest recorded since September 2017, when the national stockpile reached 1.422 MMT, according to data from the PSA. The PSA said the total rice inventor,y as of March 1, was sufficient for 50 days.
Of the total rice stocks, about 64.84 percent were with households, 32.6 percent were held by commercial warehouses and 2.56 percent were in NFA depositories, according to the PSA.
The total volume of rice held by the households during the reference period reached 1.1 MMT, while those in commercial warehouses were about 553,350 metric tons (MT).
The NFA’s rice stockpile, as of March 1, plunged to its lowest level in 23 years at 61,400 MT. The bulk of the state-run grain agency’s buffer stock, or about 58.94 percent, were locally procured, while the remaining volume was imported.
“Relative to previous year’s levels, decrements were noted in all sectors. Stocks in the households, commercial warehouses and NFA depositories were lower by 4.50 percent, 11.74 percent and 89.03 percent, respectively,” the PSA said in its monthly report, titled, “Rice and Corn Stocks Inventory,” published on Tuesday.
“Rice stocks inventory in households was higher by 1.17 percent, as compared to the previous month’s level. In contrast, stocks in commercial warehouses went down by 14.42 percent and in NFA depositories by 29.11 percent,” the PSA added.
The government periodically monitors rice inventory to determine whether it would need to import the staple to boost local stocks.
During the period, PSA data showed that total corn-stock inventory stood at 278,340 MT, 74.19 percent lower than last year’s record of 1.078 MMT.
The corn-stock inventory, as of March 1, declined by 32.17 percent, from the 951,600 MT recorded in February.
The PSA said the bulk of corn-stock inventory in March, or 74.01 percent, was in commercial warehouses, while households accounted for 25.98 percent. NFA depositories accounted for a mere 0.01 percent.
Corn stocks in commercial warehouses amounted to 206,000 MT, 72,300 MT in households and 30 MT in NFA warehouses.
“Corn stocks in all sectors dropped compared with their last year’s record. Stocks in the households declined by 42 percent, in commercial warehouses by 78.28 percent and in NFA depositories by 99.42 percent,” the report read.
“Stocks inventories in all sectors recorded corn stock drawdowns from last month’s levels. Household stocks fell by 2.45 percent, commercial warehouses by 38.66 percent and in NFA depositories by 92.33 percent,” it added.