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President Ferdinand Marcos Jr. lifted the temporary price ceiling on rice Wednesday, four weeks after capping the cost of the staple to support poor households.
“So, we are removing the controls but it doesn’t mean that we will just leave it like that because we still need to fix the agricultural sector. We still need to help the poorest and the hungriest so that they can somehow rise above their situation,” he said.. A rice seller places the new signs for regular and well-milled rice at his stall in Valenzuela City on Wednesday, just after President Ferdinand Marcos Jr. lifted the price caps on the staple grain.
“As fresh harvests enter the market, we also expect retail prices of rice to go down without the need for price caps,” it added. Data from the Department of Social Welfare and Development showed P217.2 million has been released to 14,480 out of the targeted 19,685 micro and small rice retailers nationwide as of September 29, 2023.
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