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Manila Bulletin devider Business devider Gov't opts against new rice price ceiling

Gov't opts against new rice price ceiling

Published Jan 24, 2024 11:47 am

At A Glance

  • The government has no plans for another implementation of a price ceiling on rice this year, according to Finance Secretary Ralph Recto.<br>Instead, Recto said they will focus on boosting the productivity of agriculture to tame inflation.<br>However, the finance chief also acknowledged external threats that may affect supply disruptions-- which is where the monetary board comes in to factor these decisions based on data.<br>Interest rates were increased by 450 basis points from 2022 to 2023, leading to a 16-year high 6.5 percent key interest rate. <br>Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. earlier said the policy rate would stay "sufficiently tight for longer" until inflation settles within the target band.

The government does not see another implementation of a price ceiling on rice this year as it bids to increase the country’s farm output to tame inflation, Finance Secretary Ralph G. Recto said Wednesday.

Recto, however, also acknowledged the possibility of supply disruptions due to external threats like the ongoing tension in the Middle East.

“That would put pressure in inflation later on. The possibility of oil prices going up, transport costs going up, so on and so forth,” he said

Another option, the finance chief said, is for the Monetary Board to “look at all of this data and make the appropriate decisions.”

The policy-setting Monetary Board hiked interest rates by 450 basis points from May 2022 to October 2023, which brought the key interest rate to a 16-year high of 6.5 percent.

Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. earlier said the policy rate would stay “sufficiently tight for longer” given by continued inflation risks and other external threats.

Meanwhile, the central bank expects the inflation rate to ease to 3.7 percent this year and to 3.2 percent next year.

The December 2023  inflation declined by 3.9 percent yet the prices of rice picked up at a faster rate of 19.6 percent, the highest on record since March 2009.

The average inflation stood at 6.0 percent in 2023– the second consecutive time that average inflation exceeded the 2.0 to 4.0 percent target band.
 

Related Tags

Rice price cap Department of Finance
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