The world's largest rice-importing country, the Philippines, temporarily suspends imports for 60 days.

The Philippines will suspend rice imports from September 1 for 60 days to support local farmers. As the world's largest rice importer, the country's market exit may further drive up global rice prices. Secretary Dave Gomez of the Philippine Presidential Communications Office said in a statement on Wednesday that President Ferdinand Marcos issued this directive to protect farmers who are struggling due to low rice prices during the current harvest season. Earlier, Philippine Agriculture Secretary Francisco "Kiko" Laurel Jr. had pushed for a temporary halt in imports of the country's staple food, while also raising rice import tariffs. He stated that the large amount of imported rice was harming local producers and could even force processing plants to shut down. Earlier this year, the Philippines declared a state of food security emergency, citing "exceptional" increases in local rice prices exacerbating inflation, and this move marks a policy shift. Since then, rice supply has improved, and the prices of this crop, which makes up about a tenth of the consumer price basket, have fallen. This measure in Manila may exacerbate the global oversupply of rice - Asia's benchmark rice prices have fallen to an eight-year low as a result. The US Department of Agriculture predicted last month that Philippine rice imports for the 2025-26 season are expected to reach 5.4 million tons, surpassing the purchases of other major importers such as Vietnam and Nigeria.