Sixty-day rice import ban won’t trigger inflation – Balisacan

Despite a two-month halt in rice imports starting September, consumers have little to worry about — inflation is unlikely to spike, according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan.

Speaking during a briefing at the Philippine Statistics Authority (PSA) office in Quezon City, Balisacan assured the public that the 60-day rice import suspension ordered by President Ferdinand R. Marcos Jr. will not disrupt the country’s rice supply or send prices soaring.

“Global rice prices have dropped significantly — by around 31 percent — from nearly USD600 per metric ton to just USD450 to USD490,” Balisacan said. “This is a completely different scenario from when we had to reduce tariffs from 35 percent to 15 percent due to high global costs.”

He emphasized that the country’s current rice inventory remains stable and is expected to hold through the local harvest season in September and October.

“Even with the import pause, rice availability will be at normal levels. So, there’s no indication this will push inflation up,” he added.

President Marcos announced the temporary import freeze on Wednesday, citing the need to protect Filipino farmers during peak harvest months.

Balisacan, however, noted that the government remains on high alert for any sudden shifts in the global market.

“We’re keeping a close watch on international price movements. Markets can change quickly, and our policies must stay flexible to respond to those changes,” he said.

With rice supply deemed sufficient and global prices trending downward, authorities are confident the short-term import freeze will support local producers without hurting consumers.