This document summarizes the proceedings of the 2nd National Peasant-Scientist Conference on Food Security and Self-sufficiency and Agricultural Modernization. It discusses the current state of Philippine agriculture, defines agricultural modernization, and how attaining food security and self-sufficiency can lead to agricultural modernization. Tables show the contribution of agriculture to GDP in various Asian countries. It argues that agricultural modernization is attainable in the Philippines and outlines how agriculture forms the base for developing industries in a country. It proposes that agricultural and rural development should include supporting light industries to supply domestic needs, heavy industries to support agricultural modernization, and rural industrialization to increase manufacturing and employment in rural areas.