FX.co ★ Philippines Extends Rice Import Ban During Harvest

President Ferdinand Marcos Jr. of the Philippines has decided to extend the nation's rice import ban, originally set for a 60-day period starting September 1, though the new duration has yet to be determined. This suspension applies to regular milled and well-milled rice varieties but excludes those not typically produced within the country. The goal is to safeguard local farmers during harvest time and to stabilize rice prices. Agriculture Secretary Francisco Tiu Laurel proposes an extension of 15 to 30 days while also contemplating increased tariffs on imported rice. Last year, the Philippines imported 4.8 million metric tons of rice, primarily from Vietnam and Thailand. Rice inflation, which reached a 15-year high of 24.4% in March, dropped by 17% in August, contributing to an overall decrease in inflation to 1.7%, falling below the government's target range of 2.0–4.0%. Reductions in tariffs on rice and other commodities continue to play a role in the broader strategy to combat inflation.