Philippine Agriculture Secretary Francisco Tiu Laurel declared a food security emergency on Sunday to address the skyrocketing prices of rice, a staple food in the country. This move aims to stabilise the country's unusually high prices of rice.

A statement from Laurel said, “This emergency declaration allows us to release rice buffer stocks held by the National Food Authority (NFA) to stabilise prices and ensure that rice, a staple food for millions, remains accessible to consumers.”

A declaration has been made regarding the recommendations of the National Price Coordinating Council. Under the Rice Tariffication Law, the Agriculture Secretary can declare a food security emergency in response to a sharp surge in rice prices. With this declaration, the Department of Agriculture can instruct the National Food Authority (NFA) to release buffer stock supplies to various government agencies and local units. This move aims to counter rising rice prices and relieve consumers facing escalating costs.

According to a report from Xinhua News Agency, Laurel emphasised that these emergency measures would stay in effect until rice prices are controlled. In December 2023, the Philippines experienced an alarming 21.4 per cent increase in rice inflation. At the same time, the Philippine Statistics Authority (PSA) revealed that the country's Gross Domestic Product (GDP) grew by 5.6 per cent in 2024, falling short of the government's target range of 6 to 6.5 per cent.

“While the GDP growth falls short of our target, we are positioned as the third-fastest growing economy in the region,” said Rosemarie Edillon, Undersecretary of the National Economic and Development Authority.

Edillon pointed out that the Philippines experienced major challenges in 2024, including severe weather conditions, international conflicts and weaker global demand. The agriculture sector was notably hit hard by a series of six typhoons that struck between late October and mid-November. Looking to 2025, Edillon stressed the need to strengthen the economy by diversifying sources of growth and ensuring price stability.

“We will ensure a stable food supply and prevent unwarranted price increases through strategic trade policies, timely release and distribution of production and post-production support, and proactive measures against hoarding,” she further said.