Philippines Stocks Up 70% On Year

According to Philippines Bureau of Agricultural Statistics, the country has managed to keep an adequate national stockpile estimated at 1.92 million MT higher by 69.9 % compared to its year ago level of 1.13 million MT and by 1.1 % from the previous month’s 1.9 million MT.

During the period, the National Food Authority managed to keep supply of the staple at a comfortable level of 26 days as it held the bulk of the national rice buffer stock at 872,200 MT.

Given current stockpiles, expected import arrivals and harvests in the second half of the year, the NFA earlier said it expected to end the year with at least a million MT of rice inventory.