Commodities
Philippines Caps Rice Prices Amid Hoarding, Inflation Risks
- Supply of staple grain seen more than enough to meet demand
- Asia rice prices have jumped to 15-year highs amid India curbs
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Philippine President Ferdinand Marcos Jr. has imposed ceilings on rice prices across the country amid an “alarming” increase in retail costs of the staple grain and reports of hoarding by traders.
Regular milled rice will be capped at 41 pesos ($0.72) per kilogram while well-milled rice is at 45 pesos a kilo, according to an executive order issued late on Thursday that takes effect immediately.