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Rice stocks rise 40.3% in August

September 11, 2019

THE country’s rice inventory increased by 40.3 percent to 2.133 million metric tons (MT) as of August 1, compared to its level a year ago, the Philippine Statistics Authority (PSA) said.

In its monthly inventory report, PSA said the figure, however, was 18.7 percent lower from 2.625 million MT a month earlier.

PSA said stocks in National Food Authority (NFA) depositories rose by 355.8 percent to 461.03 million MT year-on-year. Likewise, stocks in the households and commercial warehouses were up by 6.2 percent to 792.66 million MT and 30.7 percent to 880.15 million MT, respectively.

A seller fixes his rice display in his store at the Quinta Market in Quiapo, Manila. PHOTO BY J. GERARD SEGUIA

On a monthly basis, stocks from all sectors posted significant decreases. Total stocks from households went down by 21.4 percent while that from commercial warehouses and NFA depositories fell by 20.0 percent and 10.8 percent, respectively.

Of the total rice inventories, 41.2 percent were from commercial warehouses, 37.1 percent from the households, and 21.6 percent from NFA depositories.

The country’s rice stocks rose with the implementation of Republic Act 11203 or the Rice Tariffication Law, which opened up the market to the unimpeded flow of cheap imported rice.

The Philippines is seen to become the second largest importer in the world this year, according to the US Department of Agriculture. Philippine rice imports are expected to reach an all-time high of 3 million MT, just 500,000 MT short of China’s rice importation requirement.

In the same report, PSA said total corn stocks declined by 40.7 percent to 724,080 MT as of August 1 from last year’s 1.221 million MT. The figure was also fell by 12 percent from 822,700 MT in July.

Corn stocks inventory from households grew by 32.9 percent to 93,300 MT while it decreased by 45.2 percent to 630,780 in commercial warehouses year-on-year. Meanwhile, there were no corn stocks in NFA depositories during the period.

Compared to their levels a month earlier, total corn stock in the households went up by 52.5 percent while those from commercial warehouses fell by 17.2 percent.

Some 87.1 percent of the total corn inventory was held by commercial warehouses while the remaining 12.9 percent consisted of inventory held by households.

Credit belongs to : www.manilatimes.net

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