'As of today, we are lifting the price caps on rice – both for the regular milled rice and for the well-milled rice,' Marcos says
MANILA, Philippines – President Ferdinand Marcos Jr. on Wednesday, October 4, announced the removal of price ceilings on rice, nearly a month after its implementation.
The announcement came a day after Marcos met with officials from Department of Agriculture and the Department of Trade and Industry, which presented a report showing favorable indicators to lift Executive Order No. 39.starting September 5, in an attempt to stop unscrupulous individuals – such as hoarders and smugglers – from manipulating market prices of rice to as high as P60 per kilo.
The policy may also have been used by traders as justification to from farmers, whose backs are already against the wall.
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