August 10, 2017 ( by Business Mirror )
In File Photo: A worker passes a sack of rice to other workers inside a National Food Authority (NFA) warehouse in Taguig City
The country’s rice inventory as of July 1 declined by 14.08 percent to 2.347 million metric tons (MMT), from 2.732 MMT recorded a year ago, according to the latest report of the Philippine Statistics Authority (PSA).
Despite the decline in stocks, the PSA said the total rice inventory during the period is equivalent to the rice-consumption requirement of Filipinos for 69 days.
“Stocks in the households would be enough for 29 days, those in commercial warehouses for 35 days and those in National Food Authority [NFA] depositories for five days,” the PSA said in its monthly report, titled “Rice and Corn Stocks Inventory July 2017,” published on Thursday.
Of the rice inventory as of July 1, the PSA added 42.37 percent were with the households, 51.03 percent were in commercial warehouses and 6.60 percent were in NFA depositories. Almost 70 percent of NFA stocks consisted of imported rice.
PSA data showed that NFA stocks during the period reached 154,960 metric tons (MT), while commercial warehouses accounted for 1.198 MMT. Households accounted for 994,830 MT.
“Compared with the previous year, rice stocks in the NFA depositories dropped by 83.04 percent,” the report read.
“However, stocks in households and in commercial warehouses grew by 1.47 percent and 42.83, respectively,” it added.
On a monthly basis, rice stocks across all sectors were lower compared to their levels in June.
The PSA said stocks in the households were down by 7.84 percent, while stocks held in commercial warehouses declined
Rice stocks in NFA depositories declined by almost a quarter, or by 24.49 percent, month-on-month.
Data from the PSA showed that the total rice inventory as of July 1 is 8.75 percent lower than the 2.572 MMT posted in June.
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 tripled to 683,620 MT, from last year’s record of 215,920 MT. However, the corn-stock inventory as of July 1 was also 30.16 percent lower than the 978,860 MT recorded in June.
The PSA said the bulk of corn-stock inventory in July, or 89.71 percent, was in commercial warehouses, while households accounted for 9.48 percent. NFA depositories accounted for only 0.81 percent.
Corn stocks in commercial warehouses amounted to 613,270 MT, 64,810 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 36.35 percent, in commercial warehouses by 264.97 percent and in NFA depositories by 1,487.97 percent,” the report read.
“Month-on-month, corn stocks in the households in commercial warehouses and in NFA depositories decreased by 29.40 percent, 30.37 percent and 12.96 percent, respectively,” it added.