President Ferdinand 'Bongbong' Marcos Jr. on Wednesday handed down a marching order to the Department of Agriculture (DA) and Department of Trade and Industry (DTI) to closely monitor the prices of rice in the local markets.
According to Presidential Communications Office (PCO), Marcos said that prices of rice vary despite the fact that the rice supply stock is sufficient.
"The government is working with the private sector to rationalize the prices and make available affordable rice in the market and in Kadiwa," the President said as quoted by the PCO.
The communications office said Marcos, who is the current Agriculture Chief, warned that he will go after hoarders and price manipulators who seem to be taking advantage of "the lean months before harvest season."
Based on DA's Bantay Presyo, local commercial rice ranges from P38 to P60 per kilo as of August 15.
Meanwhile, imported commercial rice ranges from P46 to P65 per kilo.
On Monday, DA Assistant Secretary and Deputy Spokesman Rex Estoperez said they are ready to deploy the Inspectorate and Enforcement Group to visit and inspect rice warehouses amidst the sudden spike in rice prices in the local markets.
Last week, the DA Senior Undersecretary Domingo Panganiban announced that the prices of rice are expected to lower as the national government has opened import talks with Vietnam and India.
