This paper proposes the stabilization of rice prices in the Philippines around a target price using rice imports. While commodity price stabilization schemes in the world are normally supported with publicly held buffer stocks that are locally procured, this scheme uses rice imports. Accordingly, the rice price stabilization program in the Philippines has become potentially more cost-effective. We discuss the analytical structure of the price stabilization scheme and demonstrate the do-ability of the proposed rice price stabilization scheme in the subsequent sections.