SEN. Ferdinand “Bongbong” Marcos Jr. has alerted the government against profiteers who may use the scare brought about by news on fake rice to increase rice prices.
Marcos, member of the Senate Committee on Agriculture and Food, on Tuesday warned that crooked rice traders may hoard rice supplies and create an artificial shortage to push up 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,” he said.
Marcos further warned that once rice supplies are withheld in warehouses and a fake shortage is created, devious rice dealers and traders will be able to jack up rice prices at retail outlets.
He said the government should be one step ahead of these scammers and 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,” Marcos added.