The Southeast Asian county, one of the world's biggest rice buyers, also planned to buy 1 million tonnes of rice next year, Agriculture Secretary Emmanuel Pinol said, as the government moves aggressively to curb rising retail prices of the grain.
The increasing demand for rice from the Philippines could boost export prices of its main suppliers - Vietnam and Thailand.
Pinol blamed rice hoarders in the domestic market for the price spikes that contributed significantly to the rise in inflation, which is running at its highest in more than nine years.
"So the message that we want to get across for those hoarding rice - you better release your stocks in the market," Pinol told reporters after a meeting of the National Food Authority (NFA) council, the state panel that approves rice import deals.
Retail prices of the staple grain began to climb when government-subsidised rice sold by the NFA became scarce early this year, boosting demand for grains sold by private traders.
The steady rise in rice prices prompted the NFA to rush the importation of 500,000 tonnes in recent months, apart from the maximum 805,200 tonnes the private sector is allowed to bring in under an annual quota scheme.
The Department of Trade and Industry will take over NFA's job of importing rice and ensure only the cheapest varieties will be brought in, said Presidential spokesman Harry Roque.
Massive crop losses in major rice-growing provinces due to a strong typhoon this month added to concerns about supply availability and high prices.