Economist says: Rice ceiling Will Result To Rice Shortafe

 

This is not an easy week for BBM.  After losing his battle with the soaring rice prices ... and meeting flaks about EO 39, which mandated a price cap for regular milled rice to PhP41.00 per kilogram and PhP45.00 per kilogram for well-milled rice ... another bad news is looming on the horizon. 

TV Patrol reported that the Philippines became the number 1 rice importer beating the perennial favorite China.

In its latest world trade report, the USDA forecasts Philippine rice imports for 2023/24 will reach 3.8 million metric tons, the world's biggest, surpassing the revised import projection of 3.5 million tons for permanent top buyer China.