PHILIPPINE rice inventory continued to increase as of the start of October, reaching 2.279 million metric tons (MMT), up 43.4 percent from its level a year ago, the Philippine Statistics Authority (PSA) said.
In its monthly inventory report, PSA said the latest figure was also higher by 23.7 percent from 1.842 MMT in the previous month.
Rice stocks in all sectors went up from their levels in 2018. Total stocks in National Food Authority (NFA) depositories jumped by 207.3 percent to 394.71 MT, while stocks in the households and commercial warehouses rose by 22.5 percent to 1.052 MMT and 38.2 percent to 832,540 MT, respectively.
Month-on-month, stocks from commercial warehouses and households climbed by 9.6 percent and 56.4 percent, respectively. Meanwhile, NFA depositories decreased by 3.6 percent.
Of the total rice inventories, 46.2 percent were from households, 36.5 percent from the commercial warehouses, and NFA depositories contributed 17.3 percent.
The increase in the country’s rice stock was mainly attributed to the implementation of Republic Act 11203 or the “Rice Tariffication Law,” which opened up the market to the unimpeded flow of cheap imported rice.
Government data showed the country’s rice imports already reached more than 2.5 MMT since the passage of the law in February.
In the same report, PSA said the country’s total corn stocks jumped by 93.3 percent to 1.095 MMT as of October 1. This was also higher by 42.6 percent from the 768,660 MT recorded in September.
On a yearly basis, both households and commercial warehouses posted significant increases of 43 percent to 101,500 MT and 90.4 percent to 790,690 MT, respectively. Meanwhile, there were no corn stocks in NFA depositories during the period.
Compared to their levels a month ago, total corn stocks in the households increased by 43 percent while those from commercial warehouses expanded by 42.4 percent.
Some 72.1 percent of the total corn inventory was held by commercial warehouses while the remaining 27.9 percent consisted of inventory held by households.
Data on household rice and corn stocks come from the Palay and Corn Stocks Survey, which covers farming and non-farming households, while commercial ones come from registered grains businessmen through the Commercial Stocks Survey, the PSA said. NFA stocks, on the other hand, are monitored from their warehouses or depositories.