Marcos approves P50/kilo price cap on imported rice

Marcos approves P50/kilo price cap on imported rice

MANILA, Philippines- President Ferdinand Marcos Jr. on Tuesday said he would issue an executive order to impose a P50 price cap on every kilo of imported well-milled rice.The move was based on the recommendation of the National Price Coordinating Council, a government body responsible for coordinating, monitoring, and stabilizing the prices of basic necessities and prime commodities."When the price of oil goes up, food prices follow. That’s what…

Philippines to impose price cap on imported rice

MANILA — Philippine President Ferdinand Marcos Jr. said on Tuesday that the government will cap the price of imported well-milled rice at P50 per kilo ($0.8238) to keep food prices in check as rising fuel costs caused by the Middle East crisis threaten to stoke inflation. “We will issue the executive order at the soonest possible time […] The post Philippines to impose price cap on imported rice appeared first on Interaksyon.