(Bloomberg) -- Philippine President Ferdinand Marcos Jr. said he has lifted the cap on domestic rice prices, about a month after imposing it to rein in a spike in the cost of the staple grain.Most Read from BloombergKey Taiwan Tech Firms Helping Huawei With China Chip PlantsWall Street Fear Gauge Ratchets Up After Jobs Data: Markets WrapKevin McCarthy Ousted as US House Speaker by Republican DissidentsWhy a US Recession Is Still Likely — and Coming SoonAirbnb Is Fundamentally Broken, Its CEO Say
-- Philippine President Ferdinand Marcos Jr. said he has lifted the cap on domestic rice prices, about a month after imposing it to rein in a spike in the cost of the staple grain.Airbnb Is Fundamentally Broken, Its CEO Says. He Plans to Fix It.
The removal comes after a decline of as much as 15% in domestic rice prices from the time it was implemented through Oct. 3, based on the latest costs monitored by the nation’s agriculture department. Marcos’s announcement comes days after the Philippine government said it will provide 12.7 billion pesos in financial assistance to about 2.3 million rice farmers to help them cope with El Nino and higher production costs.
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