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Philippines caps rice prices amid high inflation

The Philippines has imposed a price cap on rice as the Southeast Asian country grapples with some of the highest levels of inflation in the region.
 
The presidential office on Friday said President Ferdinand Marcos Jr signed an executive order capping prices in light of the considerable economic strain on Filipinos, particularly the underprivileged and marginalised.
 
Mr. Marcos set the maximum price for regular milled rice and well-milled rice at 41 Philippine pesos per kilogramme and 45 pesos per kilogramme.
 
His office said the alarming rise in retail prices stemmed from illegal price manipulation, such as hoarding by opportunistic traders and collusion among industry cartels in light of the lean season, as well as external factors, including the war in Ukraine, India's ban on rice exports and volatile oil prices.


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