THE Department of Agriculture (DA) said Wednesday grain prices should not unduly go up as the National Food Authority (NFA) would have around 34 days worth of rice stocks come end-August.

In a press briefing, Agriculture Secretary Arthur C. Yap said the expected arrival of some 22 days worth of stocks by the end of the month would almost triple the current rice inventory of the NFA. Yap said the NFA currently holds some 12 days worth of buffer stock.

“We are set to unload two days worth of stocks in several ports and awaiting the shipments of more stocks in the coming days,” said Yap.

The government usually beefs up its rice inventory during the lean months of June, July and August, when the country does not harvest rice. For the rest of the year, the NFA usually has an average of 15 days worth of stocks based on the average daily consumption of 32,000 metric tons (MT) of rice.

The price of rice usually increases during the lean months. But Yap warned that traders should not use the prolonged dry spell as the rationale for further jacking up prices as the NFA has enough supply.

The DA also said that while there may be a decline in the production of rice for the rest of 2007 due to the prolonged dry spell, Yap said he does not see the need to import additional rice stocks at this time.

“But we can always order [additional importation] under emergency situations,” said Yap.

Yap said the DA might reorder the remaining 80,000 MT of rice that was not subscribed from the preapproved import volume of 1.7 million MT of rice for the year. So far, the Philippines has already brought in 1.61 million MT of rice mostly from Vietnam.

The DA said it has projected a shortfall of 150,000 MT on rice production based on a mild drought situation and a shortfall of 400,000 MT to 500,000 MT based on a worst-case scenario.

Yap said the DA remains quite optimistic that palay production would not be adversely affected for the rest of the year.

The DA is targeting to expand rice production in 65,000 hectares of farm lands in the Visayas and Mindanao.

TEN industry groups have committed to police their ranks against the use of unlicensed software and intellectual property rights (IPR) infringement that could taint the image of the country in the eyes of investors.

THE Department of Agriculture (DA) said Wednesday grain prices should not unduly go up as the National Food Authority (NFA) would have around 34 days worth of rice stocks come end-August.

SUBIC BAY FREEPORT—Spurred by a fresh infusion worth $684 million by shipbuilder Hanjin Heavy Industries and Construction Corp., new investment commitments in the Subic Bay Freeport soared to $1.38 billion in the first half of this year, clearing in just six months the $1-billion target for 2007 set by the Subic Bay Metropolitan Authority (SBMA) early this year.

MANILA Electric Co. (Meralco), the country’s largest power distributor, has the highest distribution charges in the country among distribution utilities which also serve key major cities like Cebu and Davao, the Freedom from Debt Coalition (FDC) said Wednesday.

KALIBO, Aklan—When Javier and Anna India Legaspi started their small business of weaving pineapple and abaca fiber, all they wanted was to make a living.

THE Overseas Workers’ Welfare Administration (OWWA) is studying the possibility of setting up a pension fund for workers abroad to help them receive monetary assistance upon retirement.

A PORTION of the fuel supply coming from members of the Independent Philippine Petroleum Companies Association (IPPCA) is feared to result in a disruption in the supply of petroleum products in Metro Manila and other parts of the country.

THE rainy season should have started two months ago, but what we have now is a long summer. 

Sure, it rained a couple of days ago, but it was in trickles when it should be pouring in.