The Philippine government is considering extending a price cap on imported broken rice, citing low food inflation in June as a key factor. Agriculture Secretary Francisco P. Tiu Laurel, Jr. has argued that maintaining the P50 per kilo price cap will help keep prices low.
According to recent data from the Philippine Statistics Authority, food inflation slowed to 5.4% in June, a decline from 5.8% in May. The slowdown was driven by a sharp decline in meat prices, which fell by 4.2% after dropping 2.5% in May.
Rice inflation also slowed significantly, easing 15% month on month from 15.6% in May. Fish inflation eased to 7.8% from 8.8% in the same period. These developments have given the government reason to believe that maintaining the price cap will help keep inflation under control.
The Agriculture Secretary has emphasized the importance of ensuring adequate supply, efficient distribution, and reasonable prices, particularly for rice. He believes that sustaining these efforts will protect consumers and farmers alike.
