Philippines May Scrap Rice Price Cap Soon as Harvest Starts
- About 95% of retailers comply with price ceiling, Pascual says
- Rice inflation rate highest in nearly five years in August
Workers carry high-grade white rice in a warehouse in Bulacan province.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
The Philippine government may remove the ceiling on rice prices in two weeks as local harvests start to come in, Trade Secretary Alfredo Pascual said.
The price cap, imposed last week, is necessary to prevent further increases in rice costs, Pascual told reporters on the sidelines of an event in Manila on Monday. The Philippines, one of the world’s top buyers of the staple grain, is still in discussions with major rice exporter Vietnam for imports, he added.