Importation is not a good option. It's one way of killing off the source of living of farmers so a certain family can buy the farmlands at a very low cost so that they can convert it to residential/commercial properties and sell them at least 10X the original price... oh... if memory serves me right, they are also doing the importation.
Your second option is a viable solution to drop the prices of rice down... maybe not exactly P20, considering the global crisis caused by the Rusi-Ukraine war, but probably close to P30 per kilo or lower.

I believe in strengthening the farmer's cooperatives, and totally getting rid of the middle traders. (that alone will probably cut down the price by about 20% to 40%). Then with the support of the government by providing adequate irrigation (I believe that will cut the cost of fuel for the water pump).
Cheap (or free, if possible) fertilizers.

I believe it can be done by any President. And could have been done a long time ago, as long as whoever the President is, will not be manipulated by their "sponsors" during the election.

I believe the farmers play a vital role in our country's economy. If they are properly supported and empowered, soon we will not be importing rice anymore but rather exporting them.