Saturday, November 27, 2021
HomeCustoms & TradeBOC raises P14.3B from rice import duties

BOC raises P14.3B from rice import duties

  • The Bureau of Customs collected P14.3 billion in import duties from 2.18 million metric tons of rice shipments from January 1 to October 8 this year
  • Preliminary data show import duties rose by 3.2% from P13.84 billion year-on-year
  • The revenues came from shipments worth a combined amount of P40.81 billion
  • The average valuation of rice for the period slightly increased from P18,867 per MT in 2020 to P18,898 per MT in 2021

The Bureau of Customs (BOC) collected P14.3 billion in duties from rice shipments from January 1 to October 8 this year, up 3.2% from P13.84 billion year-on-year, Customs Commissioner Rey Leonardo Guerrero said in a report to Finance Secretary Carlos Dominguez III.

The latest revenues came from 2.18 million metric tons (MT) of shipments worth a combined amount of P40.81 billion, the Department of Finance (DOF) said.

The average valuation of rice for this period slightly increased from P18,867 per MT in 2020 to P18,898 per MT in 2021.

“Due to the continuous decline of the price of rice in the world market since May 2021, average value of rice per metric ton increased by only 0.2% versus last year,” Guerrero said.

Import duties collected from rice imports beginning March 5, 2019 go to the annual P10-billion Rice Competitiveness Enhancement Fund (RCEF) as provided under Republic Act No. 11203 or the Rice Tariffication Law.

The RCEF is used to finance programs that will sharpen the competitiveness of palay (rice) growers by providing them easy access to fertilizer, farm machinery and equipment, high-yield seeds and cheap credit; and offering skills training programs on farm mechanization and modern farming techniques.

Annual tariff revenues from rice imports in excess of P10 billion will be earmarked by Congress—and included in the national budget of the following year—for financial assistance to palay farmers, titling of agricultural lands, an expanded crop insurance program for rice, and crop diversification.

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