One of the goals of the current administration is to achieve food security and food selfsufficiency in rice by 2016. This paper tries to look at the current food security situation of the country with respect to this goal, and tries to explore alternative pathways to achieving food security. Specifically, it aims to address the question: “Should the government continue its efforts in increasing rice productivity to achieve food self-sufficiency, or should it focus instead on increasing the production of high value crops for exports in the aim of achieving food security?” Results of the investigation revealed that the Philippines is still far from being food secure. At the macro level, the food-trade balance showed that food security has rapidly deteriorated due to increasing food imports (dominated by rice imports). While at the micro-level, food selfsufficiency was found to be negatively correlated with all four indicators of food security identified. This implies that in general, households that were more self-sufficient in food tend to be less food secure. Furthermore, rice self-sufficiency and per capita expenditure (a measure of standard of living), were found to be positively correlated with food security. Finally, we looked at whether expanding production high value crops would contribute to food security by reducing domestic food production. Results revealed that net returns are significantly higher for high value crops such as pineapple, milkfish, and mango as compared with cereal crops like palay and corn.