Text Flickering on Dynamic Panel

I created a dynamic panel and a text on an empty gameObject in the scene. I am using Oculus SDK's OVRPlayerContoller as the Camera in my scene. When i hit, play, this simple text flickers when i move the camera. I have just fired a simple POC for dynamic panel creation using script, but not sure how to work around this text flickering issue. In the script, to the empty object i attach the Image (i just wanted a solid color as a rectagular background for the text) as its child and i put a text as a child of this Image.

You can see the flickering in the GIF below.

 

The above appears to be a Z fighting issue as the text intersects with the plane. I would suggest adding a small offset to move the text forward in front of the plane.

This can still result in some issues at sharp viewing angles but should be fine otherwise.