(Bloomberg) -- The Philippine government may remove the ceiling on rice prices in two weeks as local harvests start to come in, Trade Secretary Alfredo Pascual said.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBiden Doubts China Able to Invade Taiwan Amid Economic WoesBoss of Failed Crypto Exchange Gets 11,000-Year Sentenc
The price cap, imposed last week, is necessary to prevent further increases in rice costs, Pascual told reporters on the sidelines of an event in Manila on Monday. The Philippines, one of the world’s top buyers of the staple grain, is still in discussions with major rice exporter Vietnam for imports, he added.
About 95% of retailers were able to comply with the price cap and that his agency has served a warning to those who failed to follow, Pascual said.