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Bloomberg

The Philippines has declared a food security emergency to bring down rice prices, which officials said have remained high despite lower global prices and a reduction in rice tariffs last year.
The declaration, which was widely expected, will allow the government to release buffer stocks to help bring down retail prices, Agriculture Secretary Francis Tiu Laurel said, adding that it would remain in effect until the price situation improves.
“This emergency declaration allows us to release rice buffer stocks held by the National Food Authority to stabilise prices and ensure that rice, a staple food for millions of Filipinos, remains accessible to consumers,” Tiu-Laurel said in a statement on Monday.
The Philippines is among the world’s largest rice importers.

The “extraordinary” rise in local rice prices, despite lower global market costs and a reduction in tariffs last July, prompted the move, according to the Agriculture Department.
Half of the 300,000 tonnes buffer stock the National Food Authority currently holds could be released over the next six months to ensure supply for emergencies and disaster response, it added.
Despite efforts to liberalise rice imports and reduce tariffs, the domestic market has been slow to respond, with retail prices surpassing expectations.
The annual rate of increase in rice prices in the Philippines hit a 15-year high of 24.4 per cent in March last year, but has since moderated to 0.8 per cent in December, helping keep overall inflation for 2024 within the government’s 2 per cent to 4 per cent target. Last year, the Philippines lowered tariffs on rice and extended existing tariff cuts on some other commodities to combat inflation and ensure ample supply.
The staple grain accounts for about 10 per cent of the Southeast Asian nation’s inflation basket. Sharply higher rice costs fanned Philippine inflation to beyond the central bank’s target in 2022 and 2023.
In 2024, the Philippines cut rice import tariffs to 15 per cent from 35 per cent, with the reduced rate in effect until 2028.
Additional reporting by Reuters


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The annual rate of increase in rice prices hit a 15-year high in 2024. The Philippines is among the world’s largest rice importers


The annual rate of increase in rice prices hit a 15-year high in 2024. The Philippines is among the world’s largest rice importers.


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