The Philippines aims to significantly reduce rice imports this year, Department of Agriculture Undersecretary Leocadio Sebastian said on Thursday.

The Agriculture Undersecretary made the statement to Palace reporters in response to the United States Department of Agriculture's projections, which estimated rice imports for 2023 at 3.8 million metric tons.

According to the most recent report from the USDA, the Philippines has surpassed China to become the leading global rice importer. This development comes as the Philippines faces rising prices of this essential food item.

The USDA's latest report on "Grain: World Markets and Trade" indicated that, for the 2022-2023 trading year, the Philippines imported approximately 3.9 million metric tons of rice, surpassing China's imports, which stood at 3.5 million metric tons.

"In 2008, the top importer the Philippines continuously bought larger volumes as prices escalated; this year, it is delaying purchases, awaiting lower prices," the USDA report read.

Sebastian highlighted that the government's ambitious goal is to lessen its reliance on rice imports and prioritize local production to ensure food security and stabilize prices for this essential staple.

He emphasized the importance of achieving self-sufficiency in rice production as it would help insulate the country from the uncertainties associated with relying on external sources.

"We expect to import much less than USDA's 3.8 MMT projected rice import in 2023," Undersecretary Sebastian stated.

"This indicates that the volume we imported in 2022 was much more than the deficit. We also expect that with the intensified efforts to produce more rice locally, we will import less than the projected 3.8 MMT in 2024," he added.

Sebastian further emphasized the economic implications of reducing rice imports.

"The uncertainty of depending on external sources for our staple and the high price of imported rice makes it imperative for us to produce more locally," he said.

President Ferdinand Marcos Jr. implemented a price cap on rice prices to address the rising costs of this essential food item temporarily.

Although consumers largely appreciated this action, it directly impacted small rice vendors, leading the government to provide a cash subsidy of P15,000 to those affected.

On the other hand, the Department of Finance and the National Economic and Development Authority recommended temporarily reducing or suspending rice import tariffs to increase supply and decrease market prices.