This paper reviewed the recent development trends in the rice subsectors; analyzed the impact of globalization on the Philippine rice industry; and evaluate the performance of the domestic rice subsector relative to food security and rice self-sufficiency objectives. The analysis showed that the failure of rice programs to attain rice self-sufficiency was not due to the absences of science or the incapability of domestic rice institutions or generate appropriate technologies, but rather, the lack of political will, particularly expressed in inadequate public funding, to support such programs. The paper concluded that a rice self-sufficiency program, as a strategy to attain food security, is still relevant under the current socio-economic and political settings. However, in pursuing such a program, all expected costs and benefits and other alternative strategies should be clearly defined among the rice stakeholders.