PH to import rice stocks for the lean season

MANILA, Philippines – The Philippines will import 500,000 metric tons (MT) of rice in time for the lean season starting July, the National Food Authority (NFA) said Tuesday, February 17.

For this first programmed rice importation for 2015, NFA approved the mandatory buffer stocking requirement of a maximum of 250,000 MT of 25% brokens and 250,000 MT of 15% brokens. Broken rice is a rice grade consisting of grains broken in the milling process.

All imports should be well-milled long grain white rice, the NFA said.

The total volume of rice would be imported through government-to-government deal with countries that have procurement agreements with the Philippines. They include Thailand, Vietnam, and Cambodia.

The NFA already sent invitations to the pertinent governments to make an offer.

The date for the submission of offers has yet to be set. Sellers should offer a minimum volume of 50,000 MT for each variety.

Offers would be evaluated based on the lowest price offers and compliance to the procurement requirements.

Half of the imported volume should be delivered to the Philippines not later than March 31. The next half should be delivered not later than April 30.

Rice stock inventory sufficient

As of January, the domestic rice stock inventory remains sufficient for 78 days, the Philippine Statistics Authority said.

About 49.8% of the current total rice stock inventory were with households; 30.5%, in commercial warehouses; 19.7%, in depositories of the NFA.

Stocks held in households would be sufficient for 39 days; those held in commercial warehouses, for 24 days; those held in NFA depositories, for 15 days.

The country’s total rice stock inventory was placed at 2.66 million metric tons (MT), a 25.2% increase from 2.13 million MT in the same period in 2014.

However, domestic stocks fell by 12.2% month-on-month. – Rappler.com