Stocks inventory of both rice and corn at the start of June recorded declines, according to a report from the Philippine Statistics Authority (PSA).
This developed as the Department of Agriculture (DA) will hold consultations on the planned importation of sugar and the setting of suggested retail prices on the commodity.
The decline in rice stocks inventory was observed by PSA ahead of the traditional lean months for rice from the months of July to September.
The report said as of June 1, total rice stocks inventory in the country was at 2.22 million metric tons (MT), over 12 percent lower from the 2.53 million MT recorded for the similar period last year.
Rice stocks inventory level for June went down by 2.6 percent compared with May’s 2.28 million MT.
Over 47 percent of June total rice stocks inventory were from households followed by the almost 45 percent from commercial warehouses, wholesalers and retailers with the remaining 8 percent from National Food Authority’s depositories.
According to data from the Bureau of Plant Industry, almost 2.16 million MT of imported rice arrived in the Philippines as of July 21.
Based on the Department of Agriculture’s (DA) monitoring of 13 public markets in the National Capital Region as of yesterday, price of imported rice for special variety is at P51 per kilogram (kg); premium at P45 per kg; well-milled at P42 per kg; and regular milled at P38 per kg.
Meanwhile, for local rice, special variety is at P50 per kg; premium at P45 per kg; well-milled at P43 per kg; and regular milled at P38 per kg. PSA noted
The country’s corn stocks inventory reached 873,480 MT as of June 1, 2022, over 9 percent decrease from June 2021’s 962,070 MT.
However, in a month-on-month comparison, the country’s corn stocks inventory grew by 12 percent from May 2022’s inventory level of 779,790 MT.
PSA added that for the June 2022 total corn stocks inventory, almost 92 percent were from commercial warehouses, wholesalers and retailers with the remaining 8 percent from households.
The DA earlier warned of possible lower local production of rice, corn and other crops this year due the rising cost of fertilizer, fuel products and other inputs.
The DA has proposed the provision of P15 billion in fertilizer subsidies for rice farmers as it warned rice production this year can go back to the 2020 production level of 19.3 million MT, lower by more than 3 percent from the record 2021 harvest of 19.96 million MT.
Meanwhile, the DA Undersecretary Kristine Evangelista said in a press briefing yesterday the agency will meet sugar stakeholders on Friday on importation plans to address shortage of the sweetener.
Estrada said the additional supply will be for both domestic and industrial use.
Citing information from the Sugar Regulatory Administration (SRA), Evangelista said current supply of sugar is very thin and next month’s harvest of sugarcanes is not enough.
Evangelista said local supply will be be depleted by the end of August but did not elaborate.
Based on the DA’s monitoring of 13 public markets in the National Capital Region, as of yesterday (July 27), prevailing retail prices are now at P90 per kilogram (kg) for refined sugar while both washed sugar and brown sugar was at P70 per kg.
As for the SRA’s millsite prices monitoring, composite price of raw sugar as of July 10 was at P2,370 per 50 kg bag, unchanged since June 19’s prices.
