The country’s total rice inventory as of July 1 this year increased to 2.625 million metric tons (MT) mainly due to the entry of imported rice under the government’s liberalization program, the Philippine Statistics Authority (PSA) said.
In its latest “Rice and Corn Stocks Inventory” report, the PSA said the figure was 31.9 percent higher than the 1.990 million MT in the same period last year. On a monthly basis, the volume went up by 1 percent from 2.598 MMT in June.
Rice stocks inventory from all sectors increased—households (1.6 percent), commercial warehouses (16.4 percent), and National Food Authority (NFA) depositories (869.8 percent)—compared to last year’s level.
Of the total rice stocks, about 38.4 percent were with households, 41.9 percent were held by commercial warehouses and 19.7 percent were in NFA depositories.
The total volume of rice held by the households reached 1.008 million MT, while that found in commercial warehouses was 1.099 million MT. NFA depositories, meanwhile, had 516,920 MT.
Since the passage of Republic Act 11203 in February, there has been a tremendous increase in the volume of rice imported by the Philippines. From March to July, about 1.5 million MT of imported rice have already entered the country, according to the Bureau of Customs.
The Philippines is seen to become the second largest importer in the world this year, according to the US Department of Agriculture (USDA). 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.
Meanwhile, the PSA also said total corn-stock inventory as of July 1 also rose to 822,700 MT, more than double or a 71.1-percent increase compared to last year’s 480,860 MT.
Month-on-month, however, it declined by 4.3 percent from 859,770 MT.
Compared to their levels a year ago, corn stocks inventory level in household and commercial warehouses rose by 1.5 percent and 81.1 percent, respectively, PSA said, noting there were no corn stocks in NFA depositories during the month.
Bulk the of corn-stock inventory as of the start of July, or 92.6 percent, was in commercial warehouses, while households accounted for the remaining 7.4 percent.
Corn stocks in commercial warehouses totaled 761,520 MT, while 61,180 MT were in households.