Rice stocks up, but corn cache down
The country’s rice stockpile increased by 6.4 percent as of Jan. 1 from the past year due to the more aggressive buying policy of the government, while corn inventory declined by 45 percent as farmers shifted to tobacco planting.
According to the Philippine Statistics Authority (PSA), the country’s overall rice inventory totaled 2.16 million metric tons (MT) as of Jan. 1, higher than 2.03 million MT a year ago.
The total rice stocks estimated by the statistics agency, however, were 15.7 percent lower than the 2.56 million MT recorded in December.
During the reporting period, the PSA said households and National Food Authority (NFA) depositories registered increases while the commercial sector reduced inventory.
Households accounted for 48.9 percent of total stocks, 5.4 percent higher than the year prior.
Although NFA depositories held a share of only 13.2 percent, its inventory surged by 485.1 percent to 284,810 MT.
NFA administrator Larry Lacson said the agency’s stockpile was expected to increase further due to its “flexible” pricing scheme and the upcoming harvest season.
“Our stocks will increase towards the end of February and onwards because the harvest season will start from February, March and April until May. Sometimes there are still harvests beyond that [period],” Lacson said in a phone interview on Monday.
Lacson attributed the improved buffer stock to the NFA’s “flexible pricing scheme” implemented last year that “allowed us a good chance of buying palay from the farmers.”
He is referring to the NFA’s Price Range Scheme that sets the buying price of palay at a more competitive price level. Adjusted weekly, buying price ranges between P23 and P25 per kilogram.
The commercial sector held 816,510 MT, declining by 16.5 percent. It is equivalent to a share of 37.9 percent.
Meanwhile, the PSA said last month’s local corn stockpile stood at 328,400 MT, down by 45 percent from a year ago. It was also 40.1 percent lower than the level in December.
About 83.1 percent of total corn inventory was from the commercial sector, while the remaining 16.9 percent was from the households.
Philippine Tobacco Growers Association president Saturnino Distor said farmers who previously cultivated corn have shifted to tobacco because of the persistent presence of the fall armyworm, a pest capable of causing significant damage to various crops, including corn.
