Philippines : NFA rice stock up 485% in Jan., to further surge in Feb.
The National Food Authority (NFA) in the Philippines increased its rice stock by 485.1% in January, reaching 284,810 metric tons. This surge is due to higher buying prices for local palay. Stocks are expected to rise further as harvest season begins. Meanwhile, the Department of Agriculture plans to release 150,000 MT to free warehouse space.
MANILA, Philippines – The rice stock inventory of the National Food Authority (NFA) rose by 485.1 percent in January compared to the same period last year, recent Philippine Statistics Authority (PSA) data show.
The NFA depositories logged 284,810 metric tons (MT), significantly higher than 48,680 MT rice stocks in January 2024.
In a phone interview Monday, NFA Administrator Larry Lacson said the surge in national rice buffer stock was due to the higher buying price scheme for local palay (unhusked rice), which is set at P23/kg. to P30/kg. for dry palay, and P17/kg. to P23/kg. for fresh or wet palay.
“That allowed us a good chance of buying palay from the farmers kasi dati, hindi tayo nakakapamili sa mga farmers dahil ang presyo ng trader ay let’s say P25, tayo nakapako sa P19 hanggang (because before, we cannot buy from farmers because the trader’s price is, let’s say P25, we are locked from P19 to) P23,” he said.
He said the NFA rice stocks may further increase with the “flexible” buying scheme in place.
“Dadami pa iyong stocks natin (Our stocks will increase further) towards the end of February and onwards kasi magha-harvest na iyong sa (because there will be harvest in) February, March, April, hanggang Mayo (until May),” Lacson said.
To date, he said the NFA has started palay procurement in Negros Occidental and Misamis Oriental at around P23/kg to P24/kg range under the flexible procurement scheme.
In terms of aging stocks, Lacson said the NFA has around 80,000 MT to be released.
At the same time, the Department of Agriculture aims to release 150,000 MT of NFA rice stocks to local government units, government agencies, and government-owned and controlled corporations for the next six months under the food security emergency declaration to help free NFA warehouse spaces and give way for palay procurement during the harvest season.
The recorded overall rice stocks, meanwhile, also rose to 2.16 million MT in January, which is 6.4 percent higher from 2.03 million MT for the same period in 2024, based on the PSA data.
Besides increment in NFA stocks, rice inventory from households also incurred a 5.4 percent annual increase equivalent to 1.1 million MT, higher than last year’s 1 million.
The commercial sector, however, logged a 16.5 percent annual decrease, equivalent to 816,510 MT, lower than January 2024’s 978,000 MT.
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Source : Inquirer.Net
