Rice prices may rise if imports halted: economist
The Department of Agriculture's plan to stop rice importation in to favor local farmers could push up prices of the staple grain, an economist said Thursday.
"If we locally procure everything, we will be competing with local traders for the available stocks... When stocks go down, prices go up," Ramon Clarete of the UP School of Economics told ANC's "Market Edge with Cathy Yang."
President Rodrigo Duterte recently directed the National Food Authority to buy rice from local farmers before importing.