The Ifugao Rice Terraces have been the Philippines’ first and only Globally Important Agricultural Heritage System (GIAHS) since 2011. More than a decade later, this study assesses whether Ifugao farmers find this designation beneficial and if it enhances their sense of involvement. Through a cross-sectional survey of GIAHS farmers in Banaue, Ifugao, this study examines perceived benefits and involvement, along with views on youth participation in agriculture, farmer livelihoods, and tourism management in Ifugao. The findings reveal that 65.1% of farmers see the GIAHS designation as beneficial and 58.7% feel involved. Farmers who perceive limited tourism benefits from the GIAHS are more likely to feel uninvolved, while those who value the designation’s potential for improving income and consumer demand for Ifugao rice report higher involvement. Cultural heritage and ancestral values are significant motivators, with some farmers viewing the GIAHS as a means of preserving traditions. Support from local government, subsidies, and media enhances involvement, particularly among those practicing rituals or growing the traditional Tinawon rice, which strengthens ties to the GIAHS. Additionally, farmers involved in discussions or training on Environmental Conservation Agriculture (ECA) report a stronger connection to the GIAHS, as ECA practices align with their traditional, sustainable approaches. Overall, this study highlights the complex role of the GIAHS as a bridge between cultural heritage, livelihood, and sustainability, underscoring the need to integrate farmer perspectives more closely into GIAHS initiatives in Ifugao.