Traders claim losses as NFA floods markets with rice

The National Food Authority's move to flood markets with rice to keep prices of the prime commodity stable may be taking a toll on commercial rice traders.

Some traders said they are suffering losses due to the NFA's attempt to prevent rice prices from going up, according to a report on GMA News' "Unang Balita."

The report said the NFA had increased its daily rice supply to markets from 10,000 to 25,000 bags.

But the traders, who pointed out NFA rice is cheaper than commercial rice, asked the government to make sure only low-income families can avail of the lower-priced NFA rice.

Each family can buy up to five kilos of NFA rice.

Earlier, NFA spokesman Rex Estoperez said the increase in rice prices is temporary, and prices are likely to normalize in September when farmers start harvesting the commodity.

Citing NFA monitoring, Estoperez said prices had risen by an average of P2 per kilo. — Joel Locsin /LBG, GMA News