Philippines President Marcos sets ceiling on rice prices

Philippines President Ferdinand Marcos Jr has set price ceilings for rice, his office said on Friday, to keep the cost of the national staple in check and deal with an "alarming increase" in retail prices. The price ceiling for regular milled rice was set at 41 Philippine pesos ($0.72) per kilogramme, while the price for well-milled rice was set at 45 pesos ($0.79) per kg, with the mandated ceilings to remain in effect until lifted by the president.

Philippines President Ferdinand Marcos Jr has set price ceilings for rice, his office said on Friday, to keep the cost of the national staple in check and deal with an "alarming increase" in retail prices.

The price ceiling for regular milled rice was set at 41 Philippine pesos ($0.72) per kilogramme, while the price for well-milled rice was set at 45 pesos ($0.79) per kg, with the mandated ceilings to remain in effect until lifted by the president. Local and imported well-milled rice are currently sold at between 47 to 56 pesos in the capital region, while local and imported regular-milled are priced at 42 to 55 pesos as of Aug. 30, the agriculture ministry said.

Despite a steady supply of rice, authorities have reported "widespread practice of alleged illegal price manipulation, such as hoarding by opportunistic traders and collusion among industry cartels in light of the lean season," the presidential office said in a statement. Marcos, who is also the agriculture minister, earlier this week ordered authorities to double efforts to hunt down rice hoarders and take steps to curb rice inflation, which hit 4.2% in July, the highest since 2019.

The Philippines is one of the world's biggest importers of the grain and its retail rice prices climbed further last month, with some varieties surging as much as 25% in some markets in and around the capital. ($1 = 56.64 Philippine pesos)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)