FX.co ★ Philippines to Temporarily Halt Rice Imports, No Tariff Hike Yet

The Philippines will halt rice imports for a 60-day period starting September 1, as announced by Communications Secretary Dave Gomez on Wednesday. This decision, directed by President Ferdinand Marcos Jr., aims to safeguard local farmers. The suspension follows consultations with Cabinet members during Marcos's state visit to India and comes on the advice of Agriculture Secretary Francisco Tiu Laurel Jr. As one of the world's leading rice importers, the Philippines' decision holds significant implications for both domestic producers and the global market. Although the Department of Agriculture had suggested increasing rice import tariffs due to plummeting palay prices amidst record-high production, President Marcos has indicated that discussions around tariff hikes are premature. His administration had previously lowered rice tariffs to 15% to alleviate consumer challenges during a period of soaring global prices.