House Speaker Martin Romualdez (center) fields questions from journalists after the warehouse inspections in Bulacan (Speaker's office)

House Speaker Martin Romualdez has advised rice traders to support President Ferdinand "Bongbong" Marcos Jr.'s Kadiwa stores instead of holding on to their rice stocks.

This, after Romualdez took part in a Bureau of Customs (BOC)-led inspection of warehouses in Bulacan on Thursday, Aug. 24 where hundreds of sacks of rice were found stockpiled.

"Ilabas na at meron naman tayong mga outlet gaya ng Kadiwa kung saan pwede nating ibaba (These should be released and we have outlets like the Kadiwa that can receive them)," Romualdez, leader of the 311-strong House of Representatives, said.

That is, if the local traders want to "help the ordinary people". The Kadiwa stores sell basic goods at relatively low prices.

"'Yung assessment talaga natin, sapat na suplay lalo na 'yung galing sa ibayong-dagat pero mataas na rin 'yung presyo (Our assessment is that there's enough supply, especially with the imported rice, but the prices are still high)," the Speaker said after the warehouse inspections.

"Medyo matagal na naho-hold [sa warehouses]. Dapat kung ano 'yung pinasok, ilabas kagad, ibaba kaagad at reasonable price dahil masyadong mataas ngayon ang presyo (What entered the warehouses should be released at once and at reasonable prices since the price levels are too high)," stressed the Leyte 1st district congressman.

Romualdez was aware that some rice traders have have exploiting the international price adjustments for rice to jack up prices in the local market.

"Maski 'yung mga locally-produced, hinohold back, mina-match nila 'yung pricing sa international pricing [adjustments]. Kaya 'yung gusto natin, 'yung naging payo natin, ilabas na nila, ibaba na kasi nakaka-awa na 'yung taumbayan," he said.

(Even the locally-produced rice are being held back, they're trying to match the international price adjustments. That's why what we want them to do, what we advised them to do was to release the stocks because we pity the citizenry.)

For the past few weeks, the price of rice has been steadily rising with retailers selling at P50 to P62 per kilogram in Metro Manila. If left unaddressed, prices could reach P60 to P65 in the coming days.

“We need to know if there is truly some basis to accusations that hoarders are responsible for the spike of rice prices in the market. Inspections such as these send a powerful signal to all the hoarders and manipulators out there to stop burdening the Filipino people for profit,” Romualdez said.

“Aside from our oversight functions under the law, we are also doing this in aid of legislation, as we have pending measures in the House of Representatives that seek to penalize the act of hoarding rice and other basic agricultural necessities,” he added.