Philippine Daily Inquirer
12:10 am | Wednesday, June 11th, 2014
With the year’s first crop harvested, the Philippines’ national stock of milled rice jumped 15 percent to 2.52 million tons as of May 1, from 2.18 million tons in the previous month.
Data from the Philippine Statistics Authority said the overall inventory was good for 74 days’ consumption, which was 10 days more than in the beginning of April.
Of the total stock, the National Food Authority (NFA) was holding about 19 percent which was good for 14 days.
The NFA is mandated to maintain a buffer stock that should last for 15 days which, at a national consumption rate of 34,000 MT daily, is about 500,000 MT.
Based on the government’s measure of rice self-sufficiency, supply must exceed yearly demand by 90 days’ worth of bufferstock.
As of the start of May, the NFA’s rice stock shrank by 10 percent as the agency awaited shipments from Vietnam following a bidding for contracts last April to supply the Philippines with 800,000 tons.
On the other hand, stocks of households and commercial warehouses swelled by 12 percent and 53 percent, respectively.
More than half of total stock or 39 days’ worth of rice was in the hands of households while about 29 percent or 21 days’ worth was in commercial warehouses.
Households were keeping 1.33 million tons by volume while commercial warehouses kept 730,000 tons.
The NFA expects to further beef up its buffer stock in the three months starting May following the award of contracts to Vietnamese suppliers for 800,000 MT that will arrive in tranches starting this month.
NFA officials earlier said the fresh cargo from Vietnam shall form part of the government buffer stock for the lean months of July to September.
The new imports will also serve as contingency stocks during natural or man-made calamities.
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