Answer: Philippines
Notes: The Philippines declared a food security emergency to stabilize high rice prices. Agriculture Secretary Francisco Tiu Laurel authorized the release of rice buffer stocks held by the National Food Authority (NFA). The decision was based on recommendations from the National Price Coordinating Council. The Rice Tariffication Law allows the Agriculture Secretary to act during extraordinary price hikes. Rice inflation in the Philippines hit 21.4% in December 2023. The country's GDP grew by 5.6% in 2024, below the 6-6.5% target. The economy faced setbacks due to extreme weather, geopolitical tensions, and low global demand.
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