INBOUND shipments of rice remain unaffected by a global shortage of the commodity, allowing a steady collection of rice tariffs that would be used to fund projects meant to boost local production of the staple grain, the Bureau of Customs (BOC) said.
“We’re seeing the same volume,” Customs assistant commissioner Vincent Philip Maronilla told reporters on the sideline of a tax symposium hosted by SGV & Co. last week.
He added: “There is a supply. By our records, importations are steady. So we find no concrete reason to conclude that, let’s say, other factors globally are affecting supplies here in the country”.
Government data showed Customs collected P16.81 billion from rice tariffs in the January-August, up 6 percent year-on-year. This, despite eight-month import volume falling 15 percent compared with a year ago to 2.257 million metric tons (MT) as prices of the staple rose.
Enhancement Fund
The amount collected has already exceeded the P10 billion mandated to be allocated to the Rice Competitiveness Enhancement Fund (RCEF) under the Rice Tariffication Law for projects targeted at improving local rice production.
The government forecasts rice imports to hit 3.1 million this year which, if realized, will be lower than the 3.8 million MT that arrived in 2022. From January to October, the country has imported 2.8 million MT of rice to bridge supply gaps at home. (Ian Nicolas P. Cigaral Philippine Daily Inquirer)
