THE Cagayan de Oro City Price Coordinating Council (CPCC) is challenging the National Food Authority (NFA) to flood the markets with cheap NFA rice to stabilize prices of commercial rice.
Lawyer Edgardo Uy, chairman of the CPCC, said the demand for commercial rice is higher now as households buy more rice as their stocks.
Uy also urged the NFA to strictly implement the Philippine Grain Standardization Program to identify possible rice hoarders that may have influenced the rising prices.
"Ang requirement daily consumption is 30,000 bags per day and their supply can last for half a month. Ang presyo lang ang challenge (the price is the challenge) is to provide more rice at a cheaper price para ma stabilize ang presyo gamay sa commercial rice (so that the price of commercial rice can be stabilized)," he said.
"Pero ang pangutana is kung kaya ba nila kay isa man gyud na sa requirement, dapat flood the market with supply kay karon gawas sa magpalit sila ug ikonsumo, naa npud silay buffer stocks in their household (But the question is can they do it because it’s part of the requirement, to flood the market with supply because aside from their everyday need, they will have stocks in their household)," he added.
Although NFA's market share is only eight percent, Uy said the lack of its supply could lead rice traders decide to jack up their prices.
"We need to stabilize the supply kay ang rice tanan man gyud mogamit, it is a basic need," he added.