State-run National Food Authority said Wednesday it may not import more rice in the first quarter, given an ample stock despite the lingering impact of the El Niño dry spell.
NFA said in a statement figures from the Food Security Committee showed the country had sufficient rice supply that could last until the end of June.
“The National Food Authority Council unanimously decided in its 106th regular meeting… that the country may not need to import [more] rice for the first quarter of this year,” NFA said.
The government said earlier it might import an additional 400,000 MT of rice, on top of the 500,000 MT of rice shipments that were scheduled to arrive in the country from Thailand and Vietnam in the first quarter.
The NFA council is composed of representatives from NFA, National Economic Development Authority, Land Bank of the Philippines, Bangko Sentral ng Pilipinas, Development Bank of the Philippines, Finance Department and Trade Department. It is chaired by the secretary of the Office of the Presidential Assistant for Food Security and Agricultural Modernization.
“The decision took into consideration the projected effects of El Niño,” NFA said.
NFA said the country’s rice stock was good to last for 110 days, with inventory at its warehouses alone amounting to 944,500 metric tons, or good for 29 days.
NFA is mandated to maintain rice stock inventory that is good for 30 days at the start of the lean season, particularly in the month of July. Daily national rice consumption is around 31,000 metric tons.
Some 500,000 MT of rice were expected to arrive this year, after the government signed procurement contracts with Vietnam and Thailand last year.
The first shipment of 175,000 MT was supposed to arrive by the end of January, 175,000 MT by the end of February and 150,000 MT by the end of March.
Rice production fell 4.3 percent in 2015 to 18.15 million MT of palay (unmilled rice) from a record 18.97 million MT in 2014.
Rice harvest in the fourth quarter alone dropped 3.8 percent to 7.28 million MT from 7.56 million MT, as rice and corn farms suffered the most from the long dry spell and typhoon Lando.