Eurasia News weekly brief on news from SE Asia. This week is in focus. ASEAN nations to strengthen food security. Further monetary policy tightening could hurt consumers in the Philippines.
ASEAN nations to prioritise members’ rice needs – Malaysia State media – Eurasia News
KUALA LUMPUR — Southeast Asian countries have agreed to prioritise helping each other overcome rice supply shortages and other food-related problems.
“ASEAN collaboration means if we face rice issues, ASEAN member countries will prioritise ASEAN nations first,”
Vietnam, Cambodia and Thailand would consider any new requests for additional imports.
Malaysia imports about 38% of its rice needs. It is among several countries affected by top exporters like India restricting shipments. The government on Monday announced subsidies and other measures to offset rising grain prices and ensure sufficient supply in the market.
Prime Minister Anwar Ibrahim warned of legal action against anyone found hoarding rice to prevent consumers from stockpiling local grains.
Source: – INQUIRER
Further monetary policy tightening could hurt Philippine consumers -Balisacan
MANILA – On Friday, the Philippines’ economic minister cautioned against further central bank interest rate hikes. It could hurt consumers already reeling from high inflation.
“If I were on the monetary board, I would say no (to rate hikes). We are the most aggressive in the region in raising interest rates,” Socioeconomic Planning Secretary Arsenio Balisacan told a press briefing.
Annual inflation quickened for a second month in September due mainly to the faster pace of food and transport cost increases, raising the possibility the central bank would resume hiking rates at its meeting in November.