The Bureau of Customs collected P11.69 billion in tariffs from 1.74 million metric tons of rice imports from January to August 29, 2021
The collection is 17% more than the P10-billion minimum funding requirement under the annual Rice Competitiveness Enhancement Fund scheduled for use in 2022
But it is 4.4% down from the same period last year due to a 7.6% dip in import volume
The Bureau of Customs has collected P11.69 billion in tariffs from 1.74 million metric tons of rice imports from January to August 29, 2021, lower than the collection in the same period last year but in excess of the requirement for the Rice Competitiveness Enhancement Fund (RCEF) in 2022.
The collection is 17% more than the minimum funding requirement for the P10-billion annual RCEF that will be used for the following year as provided under Republic Act No. 11203 or the Rice Tariffication Law (RTL), the Department of Finance said in a statement.
Customs commissioner Rey Leonardo Guerrero said revenues from rice imports during the January 1 to August 29 period were generated from shipments worth a combined amount of P35.07 billion.
During the period, BOC’s improved valuation system raised the average value of rice imports by 4.1% to P20,188 per MT from P19,386 per MT year-on-year.
The revenue collected by BOC dipped by only 4.4% to P11.69 billion from P12.22 billion last year even with a 7.6% drop in volume to 1.74 million MT from 1.88 million MT.
The RCEF is used to finance programs to boost the competitiveness of rice growers by way of 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 the Congress—and included in the national budget of the following year—for financial assistance to rice farmers, titling of agricultural lands, an expanded crop insurance program on rice and crop diversification.