Feb rice stocks fall 23.6%

MANILA, Philippines - The country’s rice stocks at the start of February, which dropped by 23.6 percent to 2.33 million metric tons (MT) from the same period last year, is sufficient to cover demand for the staple for 69 days, the Bureau of Agricultural Statistics (BAS) said.

The BAS said in its latest rice and corn stocks inventory report that rice stocks declined to 2.33 million metric tons (MT) as of Feb. 1, from 3.05 million MT in the comparable period last year.

Compared to the Jan. 1 rice inventory of 2.63 million MT, the stocks at the start of February fell by 11.4 percent.

National Food Authority (NFA) Administrator Angelito Banayo attributed the decline in the rice stock year-on-year to super typhoons Pedring and Quiel which hit the country in the latter part of last year.

“Pedring and Quiel brought down fourth quarter production numbers, so inventories went down with December, January and February consumption,” he said in a text message yesterday.

He said though that harvest is starting which should replenish national inventory soon.

The BAS said that the bulk or 38 percent of the rice stocks as of Feb. 1 were held by depositories of the NFA, followed by the households which accounted for 36 percent and commercial warehouses which held 26 percent.