WATCH | Malacañang claims rice stocks adequate

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Malacañang on Thursday claimed that, contrary to loose talk about the rice sufficiency situation, the National Food Authority has sufficient stocks of rice on hand.

Presidential Spokesman Harry Roque pointed at the impending arrival of 325,000 metric tons of rice sometime this month.

When this happens, Roque said, it is expected that the somewhat abnormal level of retail rice prices will stabilize.

“The market reacts to the supply and demand forces. Perhaps this was due to abnormal consumption and withdrawals of stockpiles due to the series of calamities, coupled by the recent Christmas holiday period,” Roque reasoned.

For his part, NFA Administrator Jayson Aquino, authorities are working out the mechanics of procuring a buffer stock of 200,000 metric tons of rice.