MANILA, Philippines -- Even as rice prices spike all over the world, President Gloria Macapagal-Arroyo said the Philippines continues to sell the cheapest rice in the Southeast Asian region.

Before diplomatic officials and tourism directors of the US and Canada who visited Malacañang Monday, Arroyo also said the country has an adequate supply of rice a "solid plan" to achieve self-sufficiency in five years.

"All over the world, food prices have spiked. In Thailand, [from which] we buy rice, rice is P56 pesos per kilo; in Vietnam, P67. So when we have commercial rice at P35, that's a blessing," she said.

"Our subsidized rice is P18.25 and P25 per kilo. Indonesia's subsidized rice is P25.30 and Malaysia, P27. Either we are all handling the crisis well or equally bad," she added.

Arroyo said the prospects of a food shortage have generated a "real world crisis," brought about by speculation or an increase in demand.

The government has put in place measures towards achieving national food self-sufficiency and fuel conservation to ensure adequate supply, she said.

"When it comes to food and fuel, definitely we cannot run the risk of no one selling us both unless we pay impossible prices," Arroyo said.

She said the government has tapped the help of the International Rice Research Institute to increase rice productivity. Side-by-side with this, she said there is the need to increase demand with "bigger incomes and smaller income tax bites," as she pointed to the recently enacted law exempting minimum wage owners from paying income tax.