Economic Planning Secretary Arsenio Balisacan said policy makers - TopicsExpress

Economic Planning Secretary Arsenio Balisacan said policy makers will consider a proposal next month to adopt a free market and allow private traders to import as much rice as they want. “We need to get our trade policy right to address rising rice prices,” Balisacan said. “Our approach in restricting rice imports without an adequate assurance that local rice production would be sufficient to meet demand was the main factor” that led to higher prices, he said... Debt at the National Food Authority, which subsidizes farmers by buying their rice at higher prices, will probably climb to 180 billion pesos ($4.1 billion) by end-2016 without any changes to the program, or twice the nation’s defense budget this year, according to Bloomberg calculations.

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