MANILA -- The Philippines has imposed caps on rice prices in a bid to arrest surging costs caused by supply shortages, but analysts warn the intervention could fail to stem rising food expenses.
The office of President Ferdinand Marcos Jr. announced the move on Friday, following recommendations from the agriculture and trade departments. The price ceiling, which will remain in effect indefinitely, mandates a maximum price of 41 pesos ($0.72) per kilo for regular milled rice and 45 pesos ($0.79) for well-milled rice.
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