The corruption literature is dominated by an economic perspective whereby market mechanisms are considered key to addressing corruption. An emerging critical perspective has highlighted the problems inherent in this approach. However, there have been few empirical studies that show how these perspectives inform policy debates. This article draws on interviews with key stakeholders in the Philippines rice industry. Respondents reflecting the economic perspective justified recent ‘tariffication’ reform – the introduction of market mechanisms to increase rice supply – as a panacea to the growing power of cartels that illegally import rice into the country often through corrupt means. Those reflecting a critical perspective argued that such reforms would only bolster cartel power; instead, they argued that land reform and self-sufficiency would undermine the corruption of the cartels. This presentation argues that the critical perspective on corruption provides an important counterbalance to the dominant economic perspective. However, ultimately, the economic perspective on corruption – along with concerns about international obligations, the limitations of the country’s rice ability to increase rice production, and consumer demands - helped policy makers successfully argue for the deregulation of Philippines’ rice sector and resulted in the passing of a rice tariffication law in 2019