Philippines’ Marcos lifts rice price cap imposed to curb inflation

MANILA (Reuters) – Philippine President Ferdinand Marcos Jr. said on Wednesday a cap on rice prices, imposed last month to curb inflation, has been lifted.

Marcos had imposed the price caps, effective early in September, as the rising cost of the national staple pushed inflation higher.

“As of today, we are lifting the price caps on rice for the regular milled rice and the well-milled rice. We are removing controls,” Marcos told reporters Wednesday.

He added the government is focusing on rice prices in the capital region where prices are most volatile.

(Reporting by Mikhail Flores and Karen Lema; Editing by Christian Schmollinger)