President Ferdinand Marcos Jr. on Sunday said the rising rice prices in the Philippines is a problem that cannot be avoided due to external factors like global oil price hikes.

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 said.

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

He 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,” he said.

“We are really affected by all these external shocks. 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,” he added.

The Philippines was the top rice importer in 2023 with 3.8 million metric tons sourced from other countries, according to Statista. The United States Department of Agriculture last February said the Philippines would most likely maintain its top rice importer status in 2024 with importations seen to reach 3.9 MMT.