This paper analyzes the poverty and inequality implications of removing agricultural and non-agricultural price distortions in the international and domestic markets of the Philippines. Rest of world liberalization is poverty reducing, whereas domestic liberalization increases national poverty and inequality. Combined global and domestic agriculture reform appears to be poverty and inequality friendly. Although the reduction in national poverty headcount and inequality is small, the poorest of the poor emerge as “winners” given their reliance on agricultural production and higher returns on unskilled labor wages.