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| Food Security Emergency |
Philippines - In February 2025, the Philippines declared a food security emergency to tackle persistently high retail rice prices, despite falling global costs and lowered tariffs. This declaration empowers the government to release buffer stocks to stabilize the market. Agriculture Secretary Francisco Tiu Laurel announced that the National Food Authority (NFA) may distribute up to 150,000 metric tons of its 300,000 metric ton buffer stock over the next six months to manage retail prices.
In March 2024, rice price inflation in the Philippines reached a 15-year high of 24.4% but moderated to 0.8% by December, aligning with the government's overall inflation target of 2% to 4% for 2024. Despite these improvements, retail prices have remained elevated, prompting the current emergency declaration.
The food security emergency will remain in effect until rice prices stabilize at more affordable levels. This measure aims to ensure sufficient rice supply and protect consumers from undue price surges.