NFA denies reported rice panic buying

MANILA, Philippines - The National Food Authority (NFA) on Saturday denied that the country is experiencing a shortage in rice supply.

“We have adequate supply of rice - from regular, well-milled, premium to NFA rice - in the markets although our monitoring teams have noted a P1-P2/kilogram price increase which traditionally occur during the lean months of July to September,” NFA Administrator Orlan Calayag said.

Calayag also denied reports that there is already panic buying of rice in the markets.

He said the NFA is regularly infusing stocks into the markets to stabilize supply and prices.

He urged rice traders nationwide to exercise their social responsibility and avoid unwarranted overpricing or hoarding of the staple.

“Rice is life itself for every Filipino who consumes the staple three times a day. It would be very cruel and insensitive to toy with its supply and price just to earn more profits especially during the lean months when natural calamities also hit many parts of the country,” Calayag said.

Reports quoting Jaime Magbanua, president of the grains retailers’ association GRECION, said that the rice's high prices in Mindanao is due to the shortage of supply.

Reports said that residents of Cagayan de Oro City went on panic buying after an increase of P10 per kilogram.

Calayag said that the reports were "untrue."

He also said that Magbanua has also denied to the NFA that he issued any statements on the high prices of rice in Mindanao.

“NFA Davao has been monitoring the local markets three times a week and has not observed any incident of queuing for rice from June until yesterday (Friday); NFA Cagayan de Oro also dispelled any case of overpricing by up to P10/kg in any of the local markets monitored,” he noted.