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SINGAPOREANS should not panic because the supply of rice is ample, said Minister of State for Trade and Industry(MTI) S. Iswaran on Thursday during a visit to a government warehouse in Pasir Panjang.
The supply is ample both in terms of the stock available and importers say quite confidently that imports from various source countries continue to be strong, he said.
He pegged the stable supply down to Singapore's small import share on the international rice market and diversification of rice sources.
He said: 'There is no need to be alarmed, there is ample supply, and I am standing in front of some of it...the Government is monitoring the situation...we are working to see if there are more specific measures that need to be addressed with the issue of the higher prices of rice.'
When asked if controlling prices would be an option, he explained that doing so would be counterproductive because importers 'will not be able to go into the global market' to buy rice because price limits over and above the global price which means 'no exporters will sell to them'.
Instead, he said the right thing to do is to 'let importers buy on the global market' and offer 'specific targeted assistance to those affected'.
Currently, MTI is working with the Ministry of Community Development, Youth and Sports (MCYS) to come up with new schemes to help those affected.
The minister also advised the public to be prepared for the price of rice to go up even more in the short term: 'If you look at some of the indications, it will probably go up further.'
But he reiterated that the public should stay calm and that rice supplies here will not be affected.
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