Philippines May Scrap Rice Price Cap Soon as Harvest Starts
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Photographer: Veejay Villafranca/Bloomberg
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.
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