- Posted June 23, 2014 by
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Philippine rice traders warned anew
Pangilinan issued the stern warning during an inspection he conducted at the Commonwealth Market Monday morning.
“Some 374 rice retailers and traders all over the country were already found to be in violations,” Pangilinan said, adding that the most common violation so far, is hoarding the NFA rice supply, or the mixing of the NFA rice to commercial rice.
Violators can face suspension and eventual revocation of permits, Pangilinan said, adding that “this outside the P4,000 up to P10,000 financial obligations.”
Pangilinan added the NFA is closely monitoring the flow of rice from Intercity in Bocaue, Bulacan, the source of 60 percent of the commercial rice reaching Metro Manila markets. Some 200 rice millers and bulk buyers are concentrated in Intercity.
“We instructed the NFA to double the volume of its distribution,” Pangilinan said in the vernacular, on Monday, particularly those stock selling at “P27 and P32 per kilo.”
The urgent measure is an effort to curve the mounting price of commercial rice at the local market, Pangilinan said.