Philippines Plans Price Cap on Imported Rice Amid Rising Costs

A Philippine government council has approved a proposal to set a 50-peso ($0.83) per kilo price ceiling on imported rice. Bloomberg posted on X, highlighting that the ongoing conflict in Iran is contributing to increased food and fuel prices globally. The decision aims to mitigate the impact of rising costs on consumers in the Philippines. The council's endorsement reflects efforts to stabilize the market and ensure affordability of essential goods amid economic pressures.