Decline in NFA rice pulls down country stock at end-August

MANILA, Philippines – As the country vies to attain rice self-sufficiency, data from the Bureau of Agricultural Statistics (BAS) showed the National Food Authority’s (NFA) rice stock inventory fell 64.2% as of August, pulling down the country’s total inventory.

In a report released Wednesday, September 12, the BAS said the country’s total rice stock inventory was estimated at 1.62 million metric tons, down 15.6% from the end-July level of 1.91 million MT, and 40.6% below last year’s level of 2.72 million MT.

“Comparative estimates with stocks last year indicated reductions in all sectors. Stocks in the household sector dropped by 6.4% and in the commercial sector by 18.3%. Similarly, stocks in NFA depositories decreased by 64.2%,” the BAS said.

Less than 30 days of buffer

Of the current stock level, the BAS said around 32.9% were with the NFA. This means that as of August, the NFA had a buffer stock if only 16 days.

The NFA is mandated to have a buffer stock of 30 days during lean months of July to September when the country is frequented by typhoons and there is no rice harvest.

The buffer stock is a standby rice volume to ensure that the Philippines will have sufficient rice supply, especially in times of calamities such as typhoons or drought.

Corn stocks

The BAS also reported that the country’s corn stock in commercial warehouses posted a year-on-year decline of 24.2% and a month-on-month decrease of 1.9% as of August.

This brought the country’s total corn stock inventory to 140,600 MT as of August or a 10.5% decline over last year’s 157,000 MT. – Rappler.com

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