Philippines seeks measures for cutting rice prices
The Philippines is considering options other than a price ceiling to tackle high rice prices, the country’s National Economic and Development Authority (NEDA) has said.
Hanoi (VNA) - ThePhilippines is considering options other than a price ceiling to tackle highrice prices, the country’s National Economic and Development Authority (NEDA)has said.
NEDA Secretary Arsenio Balisacan and Secretaryof Finance Benjamin E. Diokno recently proposed to temporarily slash thetariff rate of 35% on rice from ASEAN countries and those receiving the most-favoured-nation(MFN) treatment to about 0% - 10%.
Balisacan stressed the need totemporarily cut tariffs amid surging global prices to prevent adverse impactson retail, wholesale, and farm prices.
He noted NEDA will discuss otheroptions to reduce rice prices with President Ferdinand Marcos Jr. instead of imposing a price ceiling. The priceceiling ordered by the President is just temporary as the Government has toseek better options.
NEDA is keeping a close watch on global rice prices and theexport volumes of big exporting countries. The recent rice export ban of Indiaand the pressure from major exporting countries like Vietnam and Thailand haveboosted global prices. The El Nino phenomenon has also possibly contributed tothe price hike, according to the official./.
Philippine President Ferdinand Marcos Jr. said on July 29 the country must boost its rice stocks and that he may seek a supply deal with India, worried about the potential impact of El Nino dry weather on the local harvest and about other suppliers.
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Illustrative image (Photo: VNA) 
