Rice stocks rise to year-high in May

The country's rice stocks rose by 14 percent to its highest level this year at over 2.3 million metric tons (MT) in May, the Philippine Statistics Authority said.

- By JASPER EMMANUEL ARCALAS

Latest PSA report showed that nationwide rice inventory as of May 1 stood at 2.37 million MT, almost 300,000 MT higher than the 2.07 million MT recorded stocks in the same month last year.

On a monthly basis, the volume of rice stocks grew by 1.3 percent from the 2.34 million MT recorded in April.

The latest rice inventory level is the highest since the 2.56 million MT recorded stocks in December last year, based on PSA data.

The increase in rice stocks can be attributed to the dry season harvest as well as continuous entry of imported supplies, according to industry sources.