{"id":7910,"date":"2023-09-11T09:47:28","date_gmt":"2023-09-11T09:47:28","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=7910"},"modified":"2023-09-11T09:48:07","modified_gmt":"2023-09-11T09:48:07","slug":"philippines-may-scrap-rice-price-cap-soon-as-harvest-starts","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/philippines-may-scrap-rice-price-cap-soon-as-harvest-starts\/","title":{"rendered":"Philippines May Scrap Rice Price Cap Soon as Harvest Starts"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"960\" height=\"640\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/09\/image-50.png\" alt=\"\" class=\"wp-image-7911\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/09\/image-50.png 960w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/09\/image-50-600x400.png 600w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/09\/image-50-300x200.png 300w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/09\/image-50-768x512.png 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/figure>\n\n\n\n<p>(Bloomberg) &#8212; 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.<\/p>\n\n\n\n<p>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\u2019s top buyers of the staple grain, is still in discussions with major rice exporter Vietnam for imports, he added.<\/p>\n\n\n\n<p>The Philippines\u2019 rice inflation rate was the highest in nearly five years in August, reviving memories of a 2018 shock that ended a two-decade-old limit on imports. President Ferdinand Marcos Jr., who\u2019s also agriculture chief, capped rice prices from Sept. 5 to contain an \u201calarming\u201d spike in retail costs amid reports of hoarding by traders.<\/p>\n\n\n\n<p>About 95% of retailers were able to comply with the price cap and that his agency has served a warning to those who failed to follow, Pascual said.<\/p>\n\n\n\n<p>Agriculture Undersecretary Leo Sebastian expects domestic rough rice production to exceed 11 million metric tons in the second half of 2023, \u201cand barring strong typhoons in the remaining months of the year, we hope to hit the 20-million MT\u201d output, according to a statement from Marcos\u2019s communications office on Sunday.<\/p>\n\n\n\n<p>That forecast compares with output of 19.76 million metric tons in 2022 and follows a 3% increase in the first half of this year to 9 million metric tons.<\/p>\n\n\n\n<p>Pascual also said the head of the National Economic and Development Authority Arsenio Balisacan \u201cwould be a good fit\u201d to lead the Department of Agriculture in case Marcos relinquishes the post.<\/p>\n\n\n\n<p>(Adds more comments from Trade Secretary, agriculture official)<\/p>\n\n\n\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/philippines-may-scrap-rice-price-024149880.html#\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Bloomberg) &#8212; 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. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7911,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[46,159],"class_list":["post-7910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-asian-rice","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Philippines May Scrap Rice Price Cap Soon as Harvest Starts - Rice News Today<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philippines May Scrap Rice Price Cap Soon as Harvest Starts - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"(Bloomberg) &#8212; 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. 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