PH rice inventory down 20% month-on-month

As of March 1, the country's rice inventory stood at 1.61 million metric tons (MT), marking a year-on-year increase of 18 percent but a month-on-month decrease of nearly 20 percent.

This decline brings the national rice stock to its lowest point in a year.

As of March 1, households held 48.7% of the rice inventory, the commercial sector held 32.7%, and the National Food Authority (NFA) held 18.6%.

Year-on-year, household rice stocks increased by 12.9%, while commercial sector stocks decreased by 16.3%.

NFA stocks saw a significant year-on-year increase of 626.37%, though they only rose 3.7% month-on-month.

The NFA has been seeking funds to increase its reserves to comply with the amended Rice Tariffication Law, which raised the stocking requirement to 15 days from nine days.

In January, the Department of Agriculture declared an emergency to lower rice prices, triggering the release of rice reserves from NFA warehouses.