Rice is recognized as the most politically sensitive agricultural product in the Philippines. Trade barriers in addition to import duties or tariffs were erected by governments to impose a quantitative restriction on this kind of product. The Philippines has been accorded a special treatment for rice by the World Trade Organization (WTO) but this expired in June 2012. The country then opted to request for yet another extension of special treatment for five more years (up to 2017). This Policy Note explores the issue of tariffication in terms of its pros and cons, and offers some policy recommendations.