MANILA, Philippines - The National Food Authority (NFA) does not see the necessity of buying additional rice stocks at this time, in spite of the Department of Agriculture’s growing fears about the damage being inflicted on crops by a drought.
In a talk with newsmen yesterday, NFA director Romeo Jimenez said the NFA has a 30-day inventory of about one million metric tons of rice with additional stocks totalling 1.7 million MT set to arrive in the next couple of months.
The DA has informed the Inter-Agency Committee on Rice and Corn (IAC) that palay production for this year may register a flat growth due to the possible adverse effect of a drought.
The DA has set a palay production target of 17.4 million metric tons. Depending on climate-related factors, actual production may be just a shade over the production last year of 16.26 million metric tons.
The DA has warned that a severe dry spell could lead to losses of 816,372 MT of rice worth P12.24 billion.
The IAC meets on a quarterly basis but may hold a special meeting if there is an unusual event, such as the devastation wrought by typhoons Ondoy and Pepeng last year on rice stocks.
The NFA conducted in November and December last year four public /biddings for 2.2 million metric tons of rice.
The members of the IAC on rice and corn include Department of Agriculture, the Bureau of Agricultural Statistics, the National Food Authority, the Department of Finance and the Department of Trade and Industry.