Marcos Jr. extends rice import ban until yearend to boost palay prices

President Ferdinand "Bongbong" Marcos Jr. has approved the extension of the rice import ban until the end of the year to stabilize farmgate prices for palay.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. stated that the extension was deemed necessary as the import ban significantly affected the farmgate price of palay, while having little impact on retail prices and supply.

The extension, formalized by an executive order, will last for another two months beyond the original October 31 expiry.

The Philippines has lowered its 2025 forecast for rice imports to 4.9 million metric tons (MT) from 5.4 million MT due to the import ban.

DA spokesperson Assistant Secretary Arnel de Mesa mentioned that farmgate prices have already moved from P8-10 to P14-16 per kilo and are expected to increase further with the extension.

The DA assured the public that rice supply will remain adequate, with conservative estimates placing supply at 89 days by yearend, well above the 58 days' worth of stocks at the end of 2024.

Retail rice prices have remained broadly stable, with well-milled rice priced at an average of P42 per kilo and regular-milled rice at around P40 this month.