This case study focused on the interconnection of product development and the conservation of the Ifugao Rice Terraces (IRT), a designated World Heritage Site and Globally Important Agricultural Heritage System in the Philippines. It highlights two IRT-based products developed by local meisters, namely, a tinawon (Oryza sativa) rice-based brew and a taro-based ice cream. Based on cost analysis, the two products showed a higher return on investment (ROI) of 229.4% for the ice cream compared to 118.8% for the rice brew. Both products underwent organoleptic tests and sensory evaluation by consumers and received high acceptance in terms of taste, aroma, colour, and general acceptability. Traditional varieties of tinawon, taro, and white beans are used as raw ingredients. The sources of these ingredients range from family produce and local suppliers, such as the Banaue Rice Cooperative. Key informant interviews and survey questionnaires were used to gather data on the economic potential, sustainability, and experiences of consumers concerning the products. Results showed that the availability of traditional varieties and local suppliers favours the local meisters. This setup decreases their expenses for raw ingredients as compared to purchasing outside their communities, while ensuring the sustainable production of rice brew and ice cream. In the case of the tinawon rice, most of the supplies come from the local rice cooperative. The rice supply of this cooperative comes from farmers in the rice terraces. On the other hand, these products added to increasing IRT-based product innovation. In Banaue, as a tourist area, the rice brew and taro bean ice cream are sold to domestic and foreign tourists and consumers. The surveys showed that the fact that the products are perceived as locally produced, organic, and from the terraces adds appeal for the consumers. Rice brew and taro ice cream are research project outputs under the Ifugao Satoyama Meister Training Programme (ISMTP), a human capacity-building programme initially funded by the Japan International Cooperation Agency (JICA). The ISMTP is a response that contributes to mitigating the enormous pressures faced by the IRT due to climate change, outmigration, ageing population, loss of interest among young people, diminishing Indigenous knowledge, systems and practices, and other factors. As a programme, ISMTP capacitated 115 IRT stakeholders to become local meisters with research projects geared towards the conservation of the IRT. Research projects varied depending on the interests of trainees. The overarching principle in the conduct of research projects is the objective of highlighting the interconnection of product innovation and development to the conservation of the IRT. Recognizing these issues and concerns, there is an urgent need to innovate and introduce viable and plausible solutions for safeguarding the rice terraces as an important socio-ecological production landscape (SEPL).