The Bureau of Customs (BOC) confirmed to The STAR that the increase in salt tariffs to nine percent took effect with the issuance of Customs Memorandum Circular 164-2024 dated Sept. 30, at least six months after Republic Act 11985 or the Philippine Salt Industry Development Act was signed into law by President Marcos.
RA 11985 created the Salt Industry Development and Competitiveness Enhancement Fund (SIDCEF) that would use the increased salt tariffs collected to finance local machinery distribution, establishment of salt farm warehouses, extension services and modernizing salt production practices.
The SIDCEF shall exist for the next 10 years with salt tariffs collected being automatically credited to a special account with the National Treasury.
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Esta historia es de la edición October 24, 2024 de The Philippine Star.
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