MANILA -- President Ferdinand R. Marcos Jr. warned on Wednesday to run after rice hoarders and price manipulators who take advantage of the lean months before the harvest season amid the reported increase of prices of rice in the market.

The Presidential Communications Office (PCO) said President Marcos has emphasized that there is enough rice supply as the administration is now working closely with the private sector to rationalize the prices and availability of affordable rice in the market and in Kadiwa stores.

“Rice supply is sufficient. Prices are, however very variable. The government is working with the private sector to rationalize the prices and make available affordable rice in the market and in Kadiwa,” the PCO said, quoting the President.

The Department of Agriculture has reported that retailers are selling rice at different price points with some selling rice at P38-P40 per kilo as the cheapest while some are selling their cheapest variety at P50 per kilo.

As a result, the PCO said the chief executive has ordered the DA and the Department of Trade and Industry (DTI) to closely monitor the prices of rice in different markets in the country.

Please read the full statement:

The President has ordered the Department of Agriculture and Department of Trade and Industry to closely monitor the prices of in the different markets. RICE SUPPLY IS SUFFICIENT. Prices are, however, very variable. The government is working with the private sector to rationalize the prices and make available affordable rice in the market and in Kadiwa. The President will go after hoarders and price manipulators who take advantage of the lean months before harvest season. (PCO)