Rice supply good for 103 days

MANILA, Philippines - The country’s rice supply as of Feb. 25 stands at 3.195 million metric tons which can feed the entire population by over a hundred days, National Food Authority (NFA) administrator Angelito Banayo said yesterday.

The NFA itself has total stocks of 1.558 million MT, which is equivalent to 50 days supply, while commercial rice dealers, wholesalers, retailers hold 488,300 MT – which is equivalent to 16 days

Households, according to NFA estimates, hold 1.138 million MT – which is equivalent to 37days.

With an estimated daily consumption is 31,000 MT, the total rice inventory of 3.195 million MT is calculated to last for 103 days.

The NFA awaits the Department of Finance’s approval of the NFA Council’s rice importation recommendation on the use of the Tax Expenditure Fund (TEF) by the private sector for the importation of 600,000 MT and 60,000 MT by small farmer cooperatives.

The NFA will import an additional 200,000 MT through a public bidding.

Banayo said the Fiscal Incentives Review Board (FIRB) under the DOF has not yet approved the proposal of the NFA Council concerning the country’s rice importation for 2011.

“Until the FIRB approves (the NFA Council’s) proposal, we cannot yet schedule the bidding for imported rice,” Banayo said.

Banayo hopes that the additional rice stocks can be imported into the country before the lean season starts in July this year.

The targeted rice arrival before July, Banayo said, would only be possible if bidding for the imported rice could be done this March.

(Source: http://www.abs-cbnnews.com/business/03/02/11/rice-supply-good-103-days)