Philippines to impose price cap on imported rice

MANILA — Philippine President Ferdinand R. Marcos Jr. said on Tuesday that the government will cap the price of imported well-milled rice at 50 pesos per kilo ($0.8238) to keep food prices in check as rising fuel costs caused by the Middle East crisis threaten to stoke inflation.

“We will issue the executive order at the soonest possible time to implement it,” Mr. Marcos said in an address. — Reuters