Manila's NFA chief wants higher rice buffer stock

The Philippines state grains agency said on Friday it might increase the minimum size of its buffer stock of rice, the national staple, to cover 40 days of demand to ensure food security at a time of rising global prices. Angelito Banayo, head of the National Food Authority which oversees rice imports, also said the Philippines should lock in its 2011 rice requirements as early as possible. A government panel is yet to decide on how much to import this year.
The Philippines is the world's largest importer of rice, ordering a record 2.45 million tonnes for 2010, although that volume is expected to at least halve this year. "We might have to reconsider the 30-day buffer stock. We have to do a little flexibility. Maybe we need 40 days," Banayo told reporters, referring to the minimum volume of rice it must maintain in its warehouses at all times. Earlier on Friday, Agriculture Secretary Proceso Alcala said current rice stocks could cover at least two months of demand, and the government could set its 2011 import plans this month.