{"id":8692,"date":"2023-10-04T12:14:27","date_gmt":"2023-10-04T12:14:27","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=8692"},"modified":"2023-10-04T12:14:29","modified_gmt":"2023-10-04T12:14:29","slug":"marcos-lifts-cap-on-philippines-rice-prices","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/marcos-lifts-cap-on-philippines-rice-prices\/","title":{"rendered":"Marcos lifts cap on Philippines&#8217; rice prices"},"content":{"rendered":"\n<p><em>Manila (AFP) \u2013\u00a0<\/em>Philippine President Ferdinand Marcos lifted a price ceiling on rice Wednesday, weeks after capping the cost of the staple to support poor households.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"980\" height=\"551\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-18.png\" alt=\"\" class=\"wp-image-8693\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-18.png 980w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-18-600x337.png 600w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-18-300x169.png 300w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-18-768x432.png 768w\" sizes=\"(max-width: 980px) 100vw, 980px\" \/><\/figure>\n\n\n\n<p>Rice is a staple in the\u00a0country of 110 million people\u00a0\u00a9 NOEL CELIS \/ AFP\/File<\/p>\n\n\n\n<p>In early September, Marcos set the maximum retail price of regular milled rice at 41 pesos ($0.72) per kilogramme (2.2 pounds) and 45 pesos for the higher-quality &#8220;well-milled&#8221; rice.<\/p>\n\n\n\n<p>The measure was criticised by some economists, who warned it could distort the market and lead to shortages.<\/p>\n\n\n\n<p>A member of Marcos&#8217;s economic team was sacked after she appeared to mock the plan on social media.<\/p>\n\n\n\n<p>&#8220;As of today, we are lifting the price caps on rice, both for the regular milled rice and for the well-milled rice,&#8221; Marcos said, at an event in Manila where a thousand sacks of &#8220;smuggled&#8221; rice seized in a raid were distributed to poor families.<\/p>\n\n\n\n<p>Marcos, who is also the agriculture minister, said it was the &#8220;appropriate time&#8221; to remove the cap since the government was &#8220;giving away rice&#8221;.<\/p>\n\n\n\n<p>Government assistance for farmers and the poor would continue, he said, noting &#8220;we still need to fix our agriculture sector&#8221;.<\/p>\n\n\n\n<p>Rice is a staple in the country of 110 million people, but the nation cannot produce enough and is one of the world&#8217;s top importers of the grain.<\/p>\n\n\n\n<p>Marcos&#8217;s government has been struggling to rein in consumer prices, with the year-on-year inflation rate hitting 5.3 percent in August, up from 4.7 percent in July.<\/p>\n\n\n\n<p>Marcos&#8217;s approval rating has fallen to 65 percent, according to a Pulse Asia Research survey conducted in September after the price ceiling was imposed. That compares with 80 percent in June.<\/p>\n\n\n\n<p>A separate poll showed inflation was the top concern among those surveyed.<\/p>\n\n\n\n<p>Marcos has insisted supply is not a problem and instead blamed hoarders and opportunistic traders for high prices, as well as a ban on rice exports by major producer India and the war in Ukraine.<\/p>\n\n\n\n<p>Political analyst Richard Heydarian said the price cap was &#8220;just not working&#8221; and the government realised more drastic measures were needed to bring down prices of basic commodities and staple foods.<\/p>\n\n\n\n<p>Economist Victor Abola said the recent start of the rice harvest meant there was &#8220;no more need for the price cap&#8221;.<\/p>\n\n\n\n<p>The Philippines should now be &#8220;importing rice so that in the lean months there is rice to take care of the demand or else (prices) will go up again&#8221;, said Abola, an assistant professor at Manila&#8217;s University of Asia and the Pacific.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manila (AFP) \u2013\u00a0Philippine President Ferdinand Marcos lifted a price ceiling on rice Wednesday, weeks after capping the cost of the staple to support poor households. Rice is a staple in the\u00a0country of 110 million people\u00a0\u00a9 NOEL CELIS \/ AFP\/File In early September, Marcos set the maximum retail price of regular milled rice at 41 pesos [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[159],"class_list":["post-8692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","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>Marcos lifts cap on Philippines&#039; rice prices - 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=\"Marcos lifts cap on Philippines&#039; rice prices - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"Manila (AFP) \u2013\u00a0Philippine President Ferdinand Marcos lifted a price ceiling on rice Wednesday, weeks after capping the cost of the staple to support poor households. Rice is a staple in the\u00a0country of 110 million people\u00a0\u00a9 NOEL CELIS \/ AFP\/File In early September, Marcos set the maximum retail price of regular milled rice at 41 pesos [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ricenewstoday.com\/dev\/marcos-lifts-cap-on-philippines-rice-prices\/\" \/>\n<meta property=\"og:site_name\" content=\"Rice News Today\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-04T12:14:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-04T12:14:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-18.png\" \/>\n\t<meta property=\"og:image:width\" content=\"980\" \/>\n\t<meta property=\"og:image:height\" content=\"551\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Developer Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Developer Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ricenewstoday.com\/dev\/marcos-lifts-cap-on-philippines-rice-prices\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ricenewstoday.com\/dev\/marcos-lifts-cap-on-philippines-rice-prices\/\"},\"author\":{\"name\":\"Developer Team\",\"@id\":\"https:\/\/ricenewstoday.com\/dev\/#\/schema\/person\/5bab6fa4a598696885d5615daac778dd\"},\"headline\":\"Marcos lifts cap on Philippines&#8217; 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