The state has imported 2.45mt so far, so there is still a balance of 815,000 tonnes.
The Philippines, the world’s biggest rice importer, earlier planned to import 2.9mt, but the volume was increased given the persistent dry spell, according to an agriculture official.
The agency noted that while an additional volume of 955,000 tonnes might be needed to ensure a 90-day stock, this would likely be brought in as part of the 2010/2011 crop year requirements.
The government placed the end-June stock at 2.31mt, good for 64 days only based on a daily average requirement of 36,200 tonnes. Output for the first half is expected to be 1.72% lower than the year-ago level. Insufficient rainfall and low dam levels due to El Niño will likely lead to only 1,900 hectares of harvest areas — 2.36% or 46 hectares fewer than a year earlier. The report hinted of increased yield level, but it will not be enough to offset the large cut in the area harvested.