Workers unload sacks of rice from a delivery truck along Dagupan Street in Tondo, Manila yesterday. Federation of Free Farmers Cooperative national manager Raul Montemayor said the price of well-milled rice might reach P60 a kilo.

MANILA, Philippines — The country’s rice inventory posted a 25.2 percent decline in December, according to data from the Philippine Statistics Authority (PSA).

In its latest rice and corn stocks inventory report, the PSA said total rice stocks stood at 1.896 million metric tons as of Dec. 1, lower than the 2.53 million MT registered in the same month a year ago.

The current inventory is also a 4.2 percent decline from the 1.979 million MT registered the previous month.

Households accounted for the bulk of the inventory or 52.1 percent at 986,780 MT. This was followed by commercial warehouses with a 44.9 percent share at 851,880 MT.

Supplies from the National Food Authority (NFA) depositories cornered a 3.0 percent share at 57,130 MT.

Compared to the previous year’s level, rice stocks in households declined by 33.2 percent.

Rice stocks in commercial warehouses also declined by 8.7 percent.

Stocks in NFA depositories also decreased by 54.4 percent.

On a monthly basis, rice stocks in households declined by 3.0 percent.

Stocks in NFA depositories also declined by 5.5 percent, while stocks in commercial warehouses posted a 5.1 percent month-on-month decrease.

Meanwhile, the PSA also reported that the country’s corn stocks inventory increased by 51.1 percent to 685,890 MT from 454,030 MT as of Dec. 1.

On a monthly basis, corn inventory posted a 12 percent decline from the 779,460 MT in the previous month.

Corn stocks in commercial warehouses accounted for the bulk of the inventory or 82.8 percent at 568,010 MT.

Households accounted for 17.2 percent of the total inventory at 117,880 MT.

Compared to the previous year’s level, corn stocks in commercial warehouses increased by 51.4 percent, while stocks in households increased by 49.4 percent.

On a monthly basis, corn stocks in commercial warehouses declined by 17.4 percent while stocks in households increased by 28.4 percent.

Retail price

Farmers’ group Samahang Industriya ng Agrikultura president Rosendo So yesterday said the retail price of rice is expected to go down to P45 per kilo during the next harvest season in March 2024, but the price spike of the staple will persist.

Based on monitoring of the Department of Agriculture (DA) in Metro Manila markets, the retail price of local regular milled rice reached as high as P53 per kilo; local well-milled rice, P55 per kilo; local premium rice, P60 per kilo; local special rice, P66 per kilo; imported well-milled rice, P56 per kilo; imported premium rice, P62 per kilo and imported special rice, P65 per kilo.

So also said the country’s rice importation is expected to go down with the current impact of the El Niño phenomenon worldwide.

“We expect our rice imports to go down to 3.1 million metric tons because of the El Niño. It (rice import) will be lowered compared to the previous three years,” So added.

The United States Department of Agriculture (USDA) said the Philippines is projected to remain the world’s top importer of rice this year.

According to the USDA, the country’s total rice imports in 2024 could reach 3.8 million metric tons overtaking China.

At the same time, So underscored the timely intervention of the DA to minimize the effect of the drought on palay farmers.

“The P5,000 subsidy from the tariff last year is directly being given to the farmers. This can help the farmers to fund the irrigation,” So added.

So said that the DA should continue to monitor the areas to be severely affected by the drought.

For his part, Agriculture Assistant Secretary and spokesman Arnel de Mesa maintained that the 3.8 million metric tons of possible rice imports is just a projection from the USDA. — Bella Cariaso

Published Date: January 22, 2024