PH sees excess rice at 2.2-M tons at year-end
MANILA - The Philippines will end the year with excess rice of 2.236 million tonnes, enough to cover its requirements for more than two months, but has yet to decide on import plans for next year, its farm minister said on Wednesday.
The projected surplus takes into account a scaled back output forecast for this year, Agriculture Secretary Proceso Alcala said in a statement.
"The excess totaling 2.236 million metric tons will serve as buffer stock calculated to cover 74 days of the country's requirements," he said.
"Decisions on whether to import and how much are usually finalized by the NFA Council at the start of the succeeding year taking into account the inventory at the end of the year and the outlook for the first semester or the dry season crop," Alcala said, referring to state grains procurement agency, the National Food Authority.