FX.co ★ Philippines Freezes Rice Imports for 60 Days

Philippine President Ferdinand Marcos Jr. has initiated a 60-day pause on rice imports, effective from September 1, to protect local farmers during their peak harvest season. Announced on Saturday, this suspension affects regular milled and well-milled rice, but it excludes rice varieties that are not commonly cultivated within the country. The import halt is slated to conclude on October 30, with provisions for potential adjustments to the timeline as deemed necessary by the government. As one of the globe's leading rice importers, the Philippines brought in 4.8 million metric tonnes in 2024, primarily from Vietnam and Thailand. This strategic move reflects a shift in focus towards enhancing domestic supply amid robust local production.