Economists Question Reported Benefits Of Rice Price Cap

Economists are urging a thorough assessment of the actual effects of the price ceiling imposed on rice for nearly a month, as they observe that rice prices have remained high.

The Philippine Institute for Development Studies had previously warned that the price cap could lead to "adulterated rice" and "reclassification of rice grades."

Consumer prices rose to 6.1% in September, with rice inflation registering double-digit increases.

Geny F. Lapina, a professor at the University of the Philippines Los Baños' Department of Agricultural and Applied Economics, has stated that the prices of premium and special rice have "not really gone down and generally remained at their levels" throughout September when the price ceilings were in place.

The price cap, in effect from September 5 to October 4, limited prices to P41 per kilo for regular milled rice and P45 for well-milled rice.

The Philippine Institute for Development Studies had previously warned that the price cap could lead to "adulterated rice" and "reclassification of rice grades."

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