Rice tariff collections hit record-high P30 B

Preliminary Bureau of Customs (BOC) data showed that total tariffs collected from some 3.86 million metric tons (MT) of imported rice reached P30.095 billion at the end of October.

-  JASPER EMMANUEL ARCALAS

The total tariffs collected was 5.21 percent higher than the P28.604 billion collected in the same 10-month period last year, based on BOC data.

It also surpassed the P29.93 billion rice tariffs collected for the entire 2023.

The increase in rice tariff collections was driven by the higher volume of imports, a weaker peso and better shipment valuation by the customs bureau despite the lowering of the tariff rate to 15 percent in July.

With the latest tariff collections, the government is now assured of its budgetary requirement to bankroll the proposed expanded rice competitiveness enhancement fund (RCEF) beginning next year.

Under the proposed bill amending the rice tariffication law, the RCEF would be extended until 2031, with its earmarking fund raised to P30 billion from the present P10 billion allocation.