NFA rice buffer stocks good only for 6 days
The National Food Authority said it is now stretching its rice stocks, which could only last for six days, way below the mandate.
NFA spokesperson Marietta Ablaza said NFA is waiting for the NFA Council's resolution approving the terms of reference of the bidding for rice importation of 250,000 metric tons. The NFA Council is headed by Cabinet Secretary Leoncio Evasco Jr.
"Yes, our NFA stock inventory is six days to last, which is short of the LEDAC (Legislative-Executive Development Advisory Council) mandate for NFA to have 15 days buffer stocks at any given time and 30 days starting July," Ablaza said in a text message.
The one day stock inventory is equivalent to one day consumption requirement of the people in the country totaling 654,400MT. The six-day NFA inventory is equivalent to about 3.7 million bags of rice.
"We are stretching our stocks until the arrival of NFA importation. We are making sure that we have sufficient stocks for calamities and emergencies to fulfill our food security mandate," Ablaza explained.
But while the buffer stocks are equivalent to six days only, it does not mean there are no more rice stocks in the country because there are still household and commercial stocks, she added.
Ablaza expressed hope that the terms of reference would be approved during the NFA Council meeting on Tuesday.
But while the terms of reference could be approved, the actual importation of rice could take place by over a month.
"The bidding process will take 28 days, plus 5-10 days shipping period," Ablaza said.
She expressed hope the price of commercial rice would not increase "because we cannot flood the market with NFA rice and thus, will not be able to bring down the price of rice." Celerina Monte/DMS
