The rice inventory of the Philippines, the world’s sixth largest consumer of the staple, fell to its lowest level in nearly three years in August, based on the latest data from the Philippine Statistics Authority (PSA).
Latest PSA data indicated that nationwide rice inventory as of August 1 declined by 11.6 percent to 1.587 million metric tons (MMT), 208,000 MT lower than the 1.786 MMT recorded last year.
“Likewise, rice stocks inventory declined by 27.5 percent compared with the previous month’s level of 2,177.68 thousand metric tons,” the PSA said in its report published recently. Historical PSA data showed that the total rice inventory as of August 1 was the lowest since the 1.168 MMT recorded in September 2018.
Figures from the PSA also indicated that the country’s rice stocks contracted for the fourth consecutive month in August.
The PSA said households accounted for bulk, or 47.6 percent, of the latest rice inventory while the commercial sector (warehouses, wholesalers and retailers) accounted for 41.1 percent. The remaining 11.3 percent was stored in National Food Authority (NFA) warehouses.
Rice inventory in households reached 751,070 MT while those in the commercial sector and NFA warehouses reached 648,400 MT and 178,840 MT, respectively, based on PSA data.
“Year-on-year, rice stocks in all sectors contracted compared with their respective levels in the previous year. Stocks in households, commercial warehouses/wholesalers/retailers, and in NFA depositories declined by 11.9 percent, 11.2 percent and 12.3 percent, respectively,” the PSA said.
The agency reported earlier that palay production in the January-to-June period reached 8.799 MMT, 413,000 MT higher than the 8.386 MMT recorded a year ago. Output during the period eclipsed the previous record of 8.713 MMT posted in 2018, historical PSA data analyzed by the BusinessMirror showed.
In the same report, the PSA said the total corn inventory as of August 1 declined by 3.4 percent to 707,650 MT from last year’s 732,180 MT.
“Similarly, corn stocks dropped by 23.4 percent from the previous month’s level of 924.25 thousand metric tons.”
The PSA said 84.7 percent, or about 599,530 MT, of the total corn inventory were held by commercial warehouses/wholesalers/retailers while households accounted for the remaining 15.3 percent or about 108,130 MT.
“With reference to the previous year’s level, corn household stocks climbed by 12 percent. On the other hand, stocks in commercial warehouses/wholesalers/retailers dropped by 5.7 percent,” it said.
“In comparison with the previous month’s level, corn household stocks rose by 9.8 percent. However, stocks in commercial warehouses/wholesalers/retailers dropped by 27.4 percent.”