MANILA — President Ferdinand Marcos Jr. has directed the extension of the two-month suspension on rice imports and the possible increase of tariffs on foreign rice to stabilize palay prices and protect farmers during the peak harvest season.

Agriculture Secretary Francisco P. Tiu Laurel Jr. said Wednesday that the President instructed the Department of Agriculture to prepare the necessary orders to enforce the policy.

“The duration of the import freeze and the possible increase in taxes on imported rice will be determined once we have more accurate data on supply and prices of palay at the farm gate,” Tiu Laurel said after meeting with the President.

The import suspension, which started on September 1 and was set to end on November 2, was imposed to cushion farmers from falling palay prices due to a surge in cheaper imported rice.

Palay prices had climbed from P8 per kilo to around P14 per kilo after the suspension but dropped again with the onset of the main harvest and the impact of heavy rains brought by La Niña on grain quality.