A recent study by Filipino economists and featured in the Asian Development Bank Institute’s book on competition offers a compelling case for increased competition in the Philippine rice trade. The research reveals that dismantling rice cartels and fostering a more competitive market could lift a staggering 2.9 million Filipinos out of poverty. This isn’t merely an economic projection; it’s a potential lifeline for millions struggling with poverty and inequality.
Socioeconomic Planning Secretary Arsenio Balisacan rightly emphasizes the crucial role of a well-crafted competition policy in driving economic growth and development. He highlights its ability to unlock innovation, create economic opportunities, and ultimately benefit consumers through lower prices and higher product quality.