The Philippine Statistics Authority (PSA) reported that the country's total rice stock inventory reached 2.16 million metric tons as of June 1, 2024. This marks a significant annual increase of 19.0 percent from 1.82 million metric tons in the same period last year. Month-on-month, the inventory rose 4.2 percent from May 2024's 2.08 million metric tons.
Notable annual increases in rice stocks were observed in the National Food Authority (NFA) depositories and the commercial sector. The NFA depositories experienced a surge of 62.5 percent, while the commercial sector's inventory rose by 56.7 percent. Conversely, household rice stocks saw an annual decrease of 21.3 percent.
Comparing June 2024 to May 2024, there were substantial month-on-month increases. The NFA depositories recorded a sharp rise of 99.4 percent, and the commercial sector saw an increase of 16.3 percent. However, household rice stocks continued to decline by 19.4 percent.
Regarding distribution, the commercial sector held most rice stocks at 61.4%, followed by households at 32.2%, and the NFA depositories at 6.4%.
The PSA’s data underscores the dynamics of rice inventory management in the country, reflecting sectoral contributions to the national rice supply and shifting patterns of rice stockholding among households, commercial entities, and government reserves.
Additionally, the Department of Agriculture-Davao Region (DA-Davao) has assured the public that Davao City has no rice shortage. This statement counters a misleading post recently circulated on Facebook, incorrectly suggesting a rice supply shortage in some market outlets. The post has since been removed by its owner, according to DA-Davao.
Moreover, the National Plant Quarantine Services (NPQS) reported that rice of 3,465 metric tons (69,300 bags at 50 kilos per bag) recently arrived at the Port of Davao. The National Food Authority-11 (NFA) confirmed there is sufficient buffer stock.
The Bantay Presyo team reported no significant price movements in their recent monitoring activities.
The DA-Davao urges the public to verify the accuracy of information before sharing it online to avoid unnecessary panic. They also encourage reporting any illegal acts of price manipulation, such as hoarding, profiteering, or cartel activities, which violate RA 7581 or The Price Act.
Source: Sun Star
