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HomeCustoms & TradeRice auction in Zamboanga to net P22M

Rice auction in Zamboanga to net P22M

ID-100211731The Bureau of Customs (BOC) expects to generate over P22 million in revenues for the auction of around 21,640 sacks of rice at the Port of Zamboanga on April 15.

A total of 576,000 kilograms of rice at the Zamboanga port will be auctioned off through sealed bidding and is expected to generate a minimum of P22.13 million in revenues. The rice, consisting of 7,763 sacks of white rice, 3,072 sacks of well milled premium grade rice and 10,805 sacks of glutinous rice, are divided into four lots. BOC said the various shipments of rice were seized last year as part of its intensified anti-smuggling campaign in the south with the help of the Armed Forces of the Philippines and Philippine National Police.

According to BOC Port of Zamboanga District Collector Jerry Loresco, the auction will enable the customs agency to dispose of the seized smuggled rice through public auction to preserve the value of the rice and to prevent damage or spoilage.

“As the rice shipment auctioned is still subject of on-going cases, proceeds from the auction will be held in trust by the BOC,” Loresco said.

The terms of the public auction include a non-refundable fee of P2,020, and the posting of duly receipted bond in cash or manager’s check equivalent to 20% of the floor price for each sale lot. The highest or winning bidder must make an on-the-spot payment in cash or manager’s check of at least 50% of the bid price upon announcement of the winning bid as duly certified to by the Auction Committee and the Commission on Audit representative, with the remaining balance of 50% to be paid on the next business day.

The seized goods shall be available for viewing and pre-bid conference on April 13 and 14.

Image courtesy of Naypong at FreeDigitalPhotos.net

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