Rice stocks down nearly 11% — PSA

THE country's rice stocks went down by 10.9 percent to 1.64 million metric tons at the start of April from last year's figure, according to the Philippine Statistics Authority.In a report dated Wednesday, domestic inventory of rice as of April 1 was said to have reached 1.64 million MT, lower than the 1.84 million MT recorded a year earlier.On a monthly basis, rice stocks were 20.2 percent higher compared to the previous month's 1.37 million MT.

Household stocks also decreased to 938,010 MT compared to the 1.01 million MT logged a year earlier.Last week, the Department of Agriculture said that rice production may recover in the following months as the El Niño is seen to weaken, predicting lower rice prices driven by cheaper rice in the international market.The DA also urged the Congress to restore some of the NFA's power as part of its recommendation in amending Republic Act 11203 or the Rice Tariffication Law.

Source: News Formal (newsformal.com)

Stocks Down Nearly 11% PSA

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