MANILA -- Delayed imports and hoarding by some traders might have caused the spike in rice prices, Agriculture Secretary Manny Piñol said Tuesday.

Imports are expected to account for 7 percent of requirements of the staple grain, with local production accounting for 93 percent, Piñol told DZMM.

"Na-delay ang importation, ngayon pa lang ibinibaba. In fact, may nagrereklamo nang importers na mukhang mabagal ang pag-release ng Bureau of Customs," he said.

(Imports were delayed, some are just arriving. In fact, some importers are complaining about the slow release by the Bureau of Customs.)

Asked where the record palay harvest of 19.28 million metric tons in 2017 went, Piñol said hoarding was possible.

"The only explanation there is somebody getting it. In the eyes of the government, that's hoarding," he said.

Piñol said the lack of NFA rice supply earlier this year and discussions on the effects of tax reform could have triggered speculation in the rice market.

The Agriculture chief told senators on Monday that he expected rice prices to stabilize in November as imports arrive, adding there was no shortage of the staple.