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Local rice, corn stocks higher in May – PSA

June 13, 2019

THE country had more stock of rice and corn as of May 1, the Philippine Statistics Authority (PSA) reported on Wednesday.

In its monthly inventory report, PSA said the country’s rice stock reached 2.947 million metric tons (MMT), 1.3 percent higher from 2.909 MMT year-on-year (yoy) and up 12.2 percent from 2.627 MMT a month earlier.

A rice stall in a market in Manila. PHOTO BY ROGER RAÑADA

PSA said stocks in NFA depositories jumped by 15,952.4 percent yoy. However, stocks in the households and commercial warehouses were down by 9 percent and 25.9 percent, respectively.

On a monthly basis, stocks from commercial warehouses and households rose by 28.4 percent and 7.6 percent, respectively. But NFA depositories fell by 3.1 percent.

Of the total rice inventory, 42.9 percent were from households, 38.1 percent from commercial warehouses and 18.9 percent from NFA depositories.

The country’s rice inventory is seen to increase in the coming months as the Philippines opens its market to cheap imported rice under a new rice regime. The United

States Department of Agriculture (USDA) earlier said imports may hit a record-high 2.6 MMT this year or higher as the Rice Import Liberalization Act takes effect.

Meanwhile, total corn stocks climbed by 145 percent to 829,110 MT yoy. The figure was also higher by 35 percent from 614,000 MT a month earlier.

Stocks from households and commercial warehouses grew yoy by 72.6 percent and 160.2 percent, respectively. Meanwhile, there were no corn stocks in NFA depositories during the period.

Month-on-month, stocks in households fell by 30.1 percent while those from commercial warehouses was up by 12.2 percent.

Of the total inventory, 87.8 percent was from commercial warehouses while the remaining 12.2 percent was from households.

Credit belongs to : www.manilatimes.net

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