Fuel prices skyrocketed, the Philippines plans to impose a 30-day price cap on rice.

As the Iran-related conflicts continue to drive up food and fuel costs, the Philippines' Price Coordinating Council has approved a plan to set a price ceiling of 50 pesos per kilogram on imported rice. The Philippine Department of Agriculture stated that the price control proposal supported by the National Price Coordinating Council is awaiting approval from President Ferdinand Marcos. The department said that this measure will apply to imported rice with a broken rice rate of 5%, and will be valid for 30 days. Rice is a popular staple food, accounting for about a tenth of the consumption basket of this Southeast Asian country. The Philippine Department of Agriculture said in a statement on Saturday: "This is a targeted intervention aimed at curbing the rising prices of the country's most basic staple food." The price ceiling regulation aims to curb "unreasonable price increases and prevent potential market manipulation."