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June rice stocks rise year-on-year

July 13, 2019

Rice inventory in the country reached 2.598 million metric tons (MT) at the start of June this year, up 10.1 percent year-on-year (yoy), the Philippine Statistics Authority (PSA) said.

Workers carry sacks of rice in the NFA warehouse. File Photo

In its monthly inventory report, PSA said the latest figure was higher than last year’s 2.360 million MT.

However, the PSA said the figure is 11.8 percent lower than the 2.947 million MT recorded in May.

Yoy, a substantial increment of 26,444.2 percent was noted in NFA depositories. In contrast, rice stocks in commercial warehouses declined by 21 percent to 998,230 MT and that of households fell by 4.2 percent to 1.049 million MT.

PSA said stocks in all sectors declined compared to their levels a month earlier. Inventory in the households, commercial warehouses and NFA depositories went down by 17.1 percent, 11.2 percent and 1.3 percent, respectively.

Of the total rice inventories, 40.4 percent were from households, 38.4 percent from the commercial warehouses and 21.2 percent from NFA depositories.

The country’s rice stocks were seen to increase in the coming months as the country opens its market to cheap imported rice under the Rice Tariffication program of the government. Since the start of the implementation of Republic Act 11203 or Rice Liberalization Law in February this year, the private sector has already imported 1.43 million MT of rice.

Philippine rice imports is expected to reach a record-high 2.6 million MT for 2019, which may also further boost RA 11203’s full effect, according to the United States Department of Agriculture (USDA).

In the same report, PSA said the country’s total corn stocks as of June 1 rose by 45.2 percent to 859,770

MT from 592,010 MT a year earlier. Similarly, it went up 3.7 percent from 829,110 MT compared to its level a month ago.

During the period, corn stocks inventory from households and commercial warehouses year-on-year climbed by 71.7 percent to 80,020 MT and 43 percent to 779,740 MT, respectively.

On a monthly basis, PSA said total corn stock in the households dropped by 20.8 percent while total inventory in commercial warehouses increased by 7.1 percent.

Some 90.7 percent of the total corn supply was held by commercial warehouses while the remaining 9.3 percent were from the households.

Credit belongs to : www.manilatimes.net

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