NFA will not import additional rice in 1Q 2016
The National Food Authority will not import additional rice in the first quarter of 2016 after members of the NFA Council unanimously agreed that the country had sufficient supply of rice.
In a statement released today, the NFA said the decision not to import additional rice already took into consideration the effects of the El Nino phenomenon on food production.
The NFA Council met on January 27, 2016 and was informed that its rice stock inventory stands at 944,500 metric tons, enough for the country’s requirement for 29 days.
The NFA said its present rice stock is 80 percent higher than what it was in the same period last year.
The NFA’s rice stock does not include the stock held by the rest of industry which it said was enough to last for 110 days at a national daily consumption of 31,000 metric tons.
Under its mandate, the NFA is required to have a rice stock inventory that will be enough for 30 days when the lean season begins, or beginning July.
The country is importing a total of 500,000 metric tons this year under a government-to-government procurement program with Vietnam and Thailand. The orders were placed last year. The rice imports are scheduled to arrive in tranches.
Philippine palay production dropped by 3.78 percent last year to only 18.15 million metric tons because of weather disturbances such as typhoon Lando and a dry spell.
The NFA Council is composed of the NFA, the National Economic and Development Authority, the Land Bank of the Philippines, the Bangko Sentral ng Pilipinas, the Development Bank of the Philippines, the Department of Finance and the Department of Trade and Industry. It is chaired by the Secretary of the Office of the Presidential Assistant for Food Security and Agricultural Modernization. (By: Eileen A. Mencias)