Philippine President Ferdinand Marcos Jr. said he has lifted the cap on domestic rice prices, about a month after imposing it to rein in a spike in the cost of the staple grain.

Marcos, who’s also agriculture chief, imposed a ceiling on rice prices across the country on Sept. 5 after what he said was an “alarming” increase in its cost and reports of hoarding by traders. “As of today we are lifting the price caps on rice,” he told reporters on Wednesday.

The move comes days after the Philippine government said it will provide 12.7 billion pesos ($224 million) in financial assistance to about 2.3 million rice farmers to help them cope with El Nino and higher production costs.

Author: Manolo Serapio Jr.