MANILA -- The Philippines declared a "food security emergency" on Monday, allowing it to release its buffer stocks of rice into the market as part of government efforts to manage inflation.
The country's headline consumer inflation has eased, averaging 3.2% in 2024 versus 6% the previous year. But rice prices have remained relatively high in the country despite the government's efforts such as reducing tariffs on rice imports to 15% from 35% in 2024.
