Quezon city: 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 stated that world rice prices have already declined by over 30 percent. He assured that the country currently has an adequate rice supply.

According to Philippines News Agency, Balisacan highlighted that world rice prices have been decreasing significantly. When the tariff of 35 percent was reduced to 15 percent, world prices were near USD600 per metric ton. Currently, prices have dropped to almost USD450 to USD490 per metric ton, marking approximately a 31 percent reduction. He pointed out that the situation now is different from the time when the tariff was reduced from 35 percent.

Balisacan further explained that the total inventory of rice in the market is sufficient. Even with the suspension of importation during the harvest season from September to October, there will be an adequate supply. The availability of rice is comparable to normal times, reducing the likelihood of inflationary effects.

President Ferdinand R. Marcos Jr. announced a 60-day suspension of all rice importation starting September 1, 2025, as a measure to protect local farmers during the peak harvest season. Balisacan emphasized the government's commitment to monitoring global rice price movements vigilantly.

"We have to keep watching and be vigilant because world prices can change suddenly as well, and we need to ensure that our policies are flexible enough to address all these changes in the marketplace," Balisacan noted.