Bongbong says fake rice scare could jack up rice prices. Here’s how.
Senator Bongbong Marcos Jr. on Tuesday sounded the alarm on possible rice hoarding following reports on the presence of fake rice in the country.
Marcos said profiteering businessmen may use the scare brought about by the news on fake rice to jack up prices by hoarding rice supplies.
This way, the crooked rice traders will create an artificial shortage that would in turn increase retail prices.
“This situation is not improbable and it has happened before in different situations. Given the creativeness of some dishonest rice traders who defraud the consumers to make money, the possibility of hoarding is not far-fetched,” the senator said.
Marcos, member of the Senate Committee on Agriculture and Food, said the government should be ready for this scenario and be one step ahead of the scammers to protect consumers.
“Government authorities should constantly monitor the supplies and prices of rice in the market and nip in the bud any attempt to exploit the situation,” he said.
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