The 60-day suspension on rice importation will not likely cause an increase in inflation, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said Thursday.

In a briefing at the Philippine Statistics Authority (PSA) office in Quezon City, Balisacan said world rice prices already declined by over 30 percent.

He added the country also currently has enough rice supply.

"World prices have been declining. When the tariff of 35 percent was reduced to 15 percent, world prices then were quite high, close to USD600 per metric ton. Now its down to almost USD450 to USD490 per MT, almost 31 percent drop in world prices so the situation now is quite different from the time when we [reduced] the 35 percent," Balisacan said.

"At the same time when you look at the total inventory of rice in the market, even if we suspend the importation and during the harvest season that is from September to October, there will be enough supply. The availability of rice is close to what it is during normal times so it is not likely to cause an increase in inflation," he added.

President Ferdinand R. Marcos Jr. on Wednesday ordered a 60-day suspension of all rice importation starting Sept. 1, 2025, to protect local farmers during the peak of the harvest season.

Balisacan said the government would continue to closely monitor movements in global rice prices.

"We have to keep watching and be vigilant because world prices can change suddenly as well and we need to make sure that our policies are flexible enough to address all these changes in the markeplace," he said.

PNA PHOTO