NFA intensifies rice price monitoring
National Food Authority (NFA) will make sure that there’s no overpricing and hording in local rice, instructing all its NFA field offices to conduct a more intensive market monitoring.
“I have instructed our market monitoring teams to quickly spot any unwarranted increase in rice prices. Overpricing, profiteering and hoarding are grains trading violations punishable by law, and we assure our kababayan that the culprits will be dealt with accordingly,” NFA administrator Jason Aquino said.
Aquino is set to meet with leaders in the grains business to solicit their support in policing their ranks and in making rice, the basic staple of Filipinos, continuously affordable to all.
There are many rice varieties being sold in the market classified as regular-milled, well-milled, premium, special and fancy.
But the most saleable among ordinary consumers are the regular and well-milled varieties that the NFA also sells at lower prices to provide an alternative for the poor and low-income consumers.
Records show that rice prices indeed register slight increase during the so-called lean months between December and February because this is a period when farmers have fully harvested their main crop and are awaiting the summer crop harvest which starts in March.
It is also the period when traders are selling newly-milled stocks bought at higher prices from the preceding harvest season.