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Philippines declares food security emergency to slash rice prices

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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A vendor sells rice at a market in Quezon City, the Philippines, in 2023. Photo: Xinua
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.

Plastic bags of rice are seen at an event in Batangas province, the Philippines, last year. Photo: Reuters
Plastic bags of rice are seen at an event in Batangas province, the Philippines, last year. Photo: Reuters

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.

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