With current stock inventory placed at 2.2 million metric tons (MT), NFA Administrator Anthony Abad said the rice supply is good for 94 days considering the national daily average rice consumption of 24,400 MT.
Of the total industry stocks, NFA has 691,000 MT which accounts for about 30 percent of the total supply. This is slightly higher than the commercial inventory placed at 613,000 MT. Household reserves maintain the bulk at 988,900 MT.
Abad said the current stock is up by 19 percent over last month’s and last year’s stock inventories in all sectors as a result of the palagad harvest.
He also attributed the country’s good stock position to the continuing effort of Agriculture Secretary Leonardo Montemayor to improve the yield of farmers through efficient production technology.
According to Abad, the country can also expect a better rice buffer in the coming years due to the DA’s Ginintuang Masaganaang Ani (GMA) program.
The timely arrival of the government’s rice imports also boosted the country’s rice stocks. Of the contracted 800,000 MT, some 269,225 MT have arrived equivalent to 45 percent of the total import volume.
The balance, Abad said, is expected to arrive before July giving the NFA sufficient time to strategically position the stock before the rainy season.
The NFA is also engaged in extensive palay procurement to augment importation and has already bought some 38,080 MT in May.