THE PHILIPPINES鈥� stock of milled rice eased to 1.96 million tons as of Sept. 1, as the government prepares to import 750,000 tons to shore up reserves through the peak of the El Ni帽o.
On Sept. 17, the National Food Authority (NFA) awarded to Thailand and Vietnam separate contracts for the delivery of a total of 750,000 metric tons of milled rice by end March 2016.
According to the Philippine Statistics Authority (PSA), the national inventory鈥攚hich shrank by 15 percent or 280,000 tons over the previous month鈥攚as good for 58 days鈥� consumption.
Data from the PSA showed the NFA鈥檚 stock inched up by 100,000 tons to reach 800,000 tons.
At the start of September, the NFA鈥檚 reserve was 92 percent imported as the agency was able to keep up a parallel effort to source supplies from locally grown produce.
As of Sept. 1, the NFA鈥檚 stock was good for 24 days鈥� consumption, well above its minimum mandated volume of 15 days鈥� supply.
Further downgrade
Last week, the Food and Agriculture Organization (FAO) reported a further downgrade in the forecast global rice output for the crop year July 2015-June 2016.
This was slashed by 8 million tons to 493 million tons due to worsening prospects in Asia, especially for India and Thailand, as the El Ni帽o approached its peak.
The FAO said that, in the Philippines, there was concern over heavy rainfall in the southern regions on the one hand, and about over-dryness attributed to El Ni帽o affecting聽 the northern regions.
The dry conditions in the Philippines are expected to intensify in October and persist until the first quarter of 2016, the agency said.