date:Jul 08, 2014
He declined to give more details.
Philippine President Benigno Aquino is seeking to curb food inflation running at the fastest pace since 2009, boosted by the higher cost of rice, a staple food. 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 changes to the program, Aquino has said. That is about twice the defense budget this year, according to Bloomberg calculations