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Philippines cracks down on rice price manipulation
The Straits Times
|September 02, 2023
The Philippines announced price ceilings for rice on Friday to protect consumers, as the rising cost of the national staple probably caused August inflation to accelerate for the first time in seven months.
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One of the world's biggest rice importers, the South-east Asian nation is cracking down on domestic price manipulation at a time of rising pressure from events such as the Russia-Ukraine conflict, India's export ban and unpredictable oil prices.
President Ferdinand Marcos Jr approved a maximum price set at 41 Philippine pesos (S$1) per kilogram, while the price for wellmilled rice was set at 45 pesos per kilogram, with the mandated ceilings to remain in effect until it is lifted by Mr Marcos, who is also the country's agriculture minister.
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