The Philippines’ rice stock as of January 1 dropped by about 15 percent to 2.12 million metric tonnes (MT) from the previous month’s 2.49 million MT, according to the country’s Bureau of Agricultural Statistics.

The new year inventory was also about 16 percent lower than the volume recorded on the same day of 2013, the BAS was quoted by the Philippine Daily Inquirer as saying.

The supply may cover 62 days of consumption - 11 days less than what was reported in the beginning of December.

Based on the government’s measure of rice self-sufficiency, supply must exceed yearly demand by 90 days’ worth of buffer stock.

Households are reported to account for three-fifth of the total rice stock - enough to last for 37 days.

Commercial warehouses accounted for about 23 percent, or 17 days’ worth of stock.

Households kept 1.27 million MT, while commercial warehouses had 580,000 MT.

The National Food Authority held 270,000 tonnes - about 13 percent of total stock and good for eight days. The NFA is mandated to maintain a buffer stock that should last for 15 days.

The national consumption rate stands at about 34,000 MT a day.

VNA