THE Philippine government economic managers were not consulted about the implementation of a mandatory price ceiling on rice, said Finance Secretary Benjamin Diokno admitted on...
THE Philippine government economic managers were not consulted about the implementation of a mandatory price ceiling on rice, said Finance Secretary Benjamin Diokno admitted on Sunday, September 10, 2023.
Diokno said Marcos is aware that the implementation of price cap would not work in an ideal market condition but the President justified that he came up with the decision due to the prevalence of hoarding and price manipulation. In a separate statement on Monday, September 11, 2023, Diokno clarified that they fully support the order of the President, which they see as an essential stop-gap measure, and underscored the importance of supplementing it with additional measures to achieve long-term rice price stability in the country.
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