President Ferdinand Marcos Jr. has set price ceilings on rice to counter alleged price manipulation that has driven higher the cost of the country’s staple food, his office said Friday.
The Bangko Sentral ng Pilipinas on Thursday projected higher inflation in August, noting increases in the price of rice and other agricultural products as well as fuel, higher transport cost, and the weaker peso during the month.
Their decision, expected later this year, could influence Asian financial hubs from Tokyo to Singapore to draft more inclusive laws as a drawcard for the diverse, global talent that multinational corporations from banks to technology giants are seeking to hire and retain.
Global oil prices were up in early trade on Thursday backed by tighter U.S. supply, with a focus on China factory activity due later in the day amid recent weak economic expansion data in the world's second-biggest economy.
The latest U.S. job openings data dipped to levels not seen since early 2021, bolstering the case for a Fed pause on rates, and that along with a lingering lift from China's latest market-friendly moves had investors holding onto their risk-on hats as Europe wakes up.