President Ferdinand Marcos Jr. on Sunday said the rising rice prices in the Philippines is a problem that cannot be avoided due to the increase to external factors, such as rising global oil prices, and not solely to domestic issues.

Responding to the question of whether "BBM" stands for "Bigas Biglang Mahal" (Rice Suddenly Expensive) in his vlog posted on his YouTube Channel, Marcos Jr. pointed out that even major rice exporting countries are experiencing similar price hikes.

"While the rising cost of rice here in the Philippines is indeed a pressing issue, we must remember that even major rice exporting countries are experiencing similar price hikes," Marcos Jr. said.

"Even in countries like Vietnam and Thailand, known for exporting millions of tons of rice annually, domestic prices have not remained unaffected," Marcos Jr. added.

He also emphasized that the current situation is not solely due to domestic factors. He pointed to the global rise in oil prices as a significant contributing element, impacting the cost of essential agricultural inputs like urea and irrigation, ultimately leading to price adjustments across the board.

"When oil prices rise, so do urea, irrigation costs, everything needs adjustments. So, we are really affected by all these external shocks," Marcos Jr. said.

"We are doing everything to make our production sufficient so that we no longer need to import, reducing the inputs needed for our farmers, and hopefully, we can at least stabilize the price of rice," Marcos Jr. added.

Last November, Agriculture Secretary Francisco Laurel Jr. acknowledged that Marcos Jr.'s pledge during his campaign to lower the price of rice to P20 per kilogram is currently "unattainable" due to the “15-year-high” increase in the price of rice in the world market.

“Today, it’s not possible. But with the directive of the president to modernize, irrigate … we are getting ready to do our best to try to make rice affordable,” Laurel said.

“It might take a little time,” Laurel added.

However, the Agriculture chief mentioned that Marcos Jr. has given directives to boost local agricultural production across all sectors, with a particular focus on rice.