PBBM approves rice import ban extension to year-end

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 an executive order formalizing the decision would be issued on November 3.

The President deemed the extension necessary as the import ban had a significant effect on the farmgate price of palay, though little impact on retail prices and supply.

The administration first imposed the import halt in September to counter falling palay prices ahead of the wet harvest season, and prices briefly improved before easing again as the original ban neared its October 31 expiry.

The extended ban, along with farmer assistance and a floor price for palay, aims to provide continued relief to rice farmers during harvests across several regions.