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Warehouse Receipts as a System for Improving the Efficiency of Rice and Corn Marketing in the Philippines

Author

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  • Briones, Roehlano M.
  • Tolin, Lovely Ann C.

Abstract

In the Philippines, the rice and corn sectors play an integral role in the agricultural economy in terms of production and employment. However, both sectors suffer from inefficiencies in the marketing chain (e.g., high transaction costs, weak quality assurance). Farmers also find difficulty in obtaining short-term loans from banks; hence they resort to informal loans with high interest rate. This paper explores the warehouse receipt system as platform for transforming the marketing chain in the grains market of the Philippines. Salient features of an effective warehouse receipt system are outlined based on literature review and international experience. Assessment of Philippine experience shows that while a legal framework is already in place, a warehouse receipt system in grains is currently non-operational. Likewise, standardization of rice and corn is not practiced. Key recommendations of the study include strict enforcement of grain grades and standards, pilot testing of the warehouse receipt system in a suitable area, and legislative reforms to establish a sound legal and regulatory framework for a warehouse receipt system.

Suggested Citation

  • Briones, Roehlano M. & Tolin, Lovely Ann C., 2016. "Warehouse Receipts as a System for Improving the Efficiency of Rice and Corn Marketing in the Philippines," Discussion Papers DP 2016-45, Philippine Institute for Development Studies.
    • Handle: RePEc:phd:dpaper:dp_2016-45
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    File URL: https://www.pids.gov.ph/publication/discussion-papers/warehouse-receipts-as-a-system-for-improving-the-efficiency-of-rice-and-corn-marketing-in-the-philippines
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    References listed on IDEAS

    as
    1. Briones, Roehlano M., 2016. "Growing Inclusive Businesses in the Philippines: The Role of Government Policies and Programs," Research Paper Series DP 2016-06, Philippine Institute for Development Studies.
    2. Donald F. Larson & Jock R. Anderson & Panos Varangis, 2004. "Policies on Managing Risk in Agricultural Markets," The World Bank Research Observer, World Bank, vol. 19(2), pages 199-230.
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    6. Hamid R. Alavi & Aira Htenas & Ron Kopicki & Andrew W. Shepherd & Ramon Clarete, 2012. "Trusting Trade and the Private Sector for Food Security in Southeast Asia," World Bank Publications - Books, The World Bank Group, number 2384.
    7. Gary B. Teves, . "Improving Credit Access for the Food and Agriculture Sector through the Enhanced Implementation of Existing Policies and New Strategies," PCED Policy Notes, Philippine Center for Economic Development.
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    9. Gary B. Teves, 2014. "Improving Credit Access for the Food and Agriculture Sector through Enhanced Implementation of Existing Policies and New Strategies," UP School of Economics Discussion Papers 201415, University of the Philippines School of Economics.
    10. Llanto, Gilberto M. & Badiola, Jocelyn Alma R., 2010. "Innovations in Financing Food Security," Discussion Papers DP 2010-14, Philippine Institute for Development Studies.
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    Cited by:

    1. Mataia, Alice B. & Beltran, Jesusa C. & Manalili, Rowena G. & Catudan, Betzaida M. & Francisco, Nefriend M. & Flores, Adrielle C., 2020. "Rice Value Chain Analysis in the Philippines: Value Addition, Constraints, and Upgrading Strategies," Asian Journal of Agriculture and Development, Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), vol. 17(2), December.

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    Keywords

    Philippines; warehouse receipts financing; grains sector; marketing chain; risk management tool; grain grades and standards; rice; corn;
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