THE country's rice stocks went down by 10.9 percent to 1.64 million metric tons (MT) at the start of April from last year's figure, according to the Philippine Statistics Authority.

In a report dated Wednesday, domestic inventory of rice as of April 1 was said to have reached 1.64 million MT, lower than the 1.84 million MT recorded a year earlier.

On a monthly basis, rice stocks were 20.2 percent higher compared to the previous month's 1.37 million MT.

Rice stocks held by the three subsectors all posted decreases during the month: National Food Authority (NFA) by 58 percent; commercial sector by 9.1 percent; and household sector by 7.6 percent.

The volume of rice held by the NFA fell to 41,560 MT from the 99,030 MT recorded in 2023. However, a 0.7-percent growth was posted in comparison to 41,290 MT on March 1.

Commercial inventory also dropped, to 662,600 MT from 728,730 MT. It was, however, higher by 5.1 percent from the month-earlier 630,290 MT.

Household stocks also decreased to 938,010 MT compared to the 1.01 million MT logged a year earlier.

Last week, the Department of Agriculture (DA) said that rice production may recover in the following months as the El Niño is seen to weaken, predicting lower rice prices driven by cheaper rice in the international market.

The DA also urged the Congress to restore some of the NFA's power as part of its recommendation in amending Republic Act 11203 or the Rice Tariffication Law.

Among the recommendations include restoring the NFA's power to import rice to ensure adequate supply and stable prices for the staple.

Agriculture Secretary Francisco Tiu Laurel Jr. said that allowing the NFA to import rice, but only with approval from his office, would allow the agency to become a "price stabilizer" while avoiding the controversies that have plagued the food agency.

As of May 9, prices of local well-milled rice ranged from P48 to P55 kilo, while regular milled rice were priced from P46 to P52 per kilo.