Rice stocks sufficient for 51 days

MANILA, Philippines - The country’s rice stock inventory remains sufficient for 51 days as the country anticipates an extended lean season for palay production, the Philippine Statistics Authority (PSA) reported.

In its latest Rice and Corn Stocks Inventory, PSA reported that total rice stocks as of Aug. 1 was placed at 1.72 million metric tons (MT), down 15 percent month-on-month and by 7.4 percent in the same period last year.

Around 40.7 percent of the total rice stock inventory for the period were held in households, 33.6 percent were held in commercial warehouses while 25.7 percent were held in depositories of the National Food Authority (NFA).

Stocks held in households would be sufficient for 21 days while those held in commercial warehouses would be sufficient for 17 days. Those held in NFA depositories would be enough for 13 days of consumption.

As of August 1, rice stock levels in all sectors fell month-on-month. Stock levels in households and in commercial warehouses fell 20.4 percent and 15.9 percent respectively. Stocks in NFA warehouses fell by 3.1 percent.

Year-on-year, rice stocks held in households rose 10 percent. Stocks held in commercial warehouses and in NFA depositories fell 0.9 percent and 30.8 percent respectively.

The Department of Agriculture (DA) expects the prevailing lean season to extend until October because of planting delays for the third quarter crop.

The NFA is striving to bring in 500,000 MT of imported rice for buffer stock between this month until November to drive down the cost of commercial rice which is expected to rise in the coming weeks.

Food security chief Francis Pangilinan said the NFA start accepting on  Monday offers where the government-to-government procurement schene of the buffer stocks.

The government, Pangilinan said, has already sent out invitations to Thailand, Cambodia and Vietnam to make offers for a minimum of 200,000 MT of well-milled white rice with 25 percent brokens.

The NFA would consider the lowest price offer.

The first procurement attempt for the   additional rice imports for this year failed after the government rejected all bid offers during an open bidding held last Aug. 27 as all offers were way higher than the government budget.