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Marcos: Hoarders might take advantage of spread of ‘fake rice’

By: - Reporter / @MAgerINQ
/ 02:07 PM July 07, 2015

Senator Ferdinand “Bongbong” Marcos Jr. alerted the government on Tuesday against profiteers who might jack up prices following the reported proliferation of “fake rice” in some parts of the country.

Marcos, member of the Senate committee on agriculture and food, warned that crooked rice traders might hoard rice supplies and create an artificial shortage to push up retail prices.

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READ: Tips to avoid buying fake rice

“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 in a statement.

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Once rice supplies are withheld in warehouses and a fake shortage is created, the senator said, devious rice dealers and traders would be able to jack up rice prices at retail outlets.

Marcos 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,” he said.

The Senate is set to probe the reported proliferation of synthetic rice in the country and its possible effects on people’s health. IDL

READ: Senate probe: What’s in synthetic rice? Is it healthy?

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TAGS: Bongbong Marcos, fake rice, hoarding, Price Manipulation
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