Rice import tariff collections up 58% to P2.04B in January, says BOC

The Bureau of Customs (BOC) on Friday said it collected P2.04 billion in tariffs from rice imports in January, up 58% from P1.29 billion collected during the same period last year, citing further improvement in its import valuation system.

In a statement, Customs Commissioner Rey Leonardo Guerrero said preliminary data showed that the amount collected in January were from imports of 287,957 metric tons (MT) of rice, up 29% from the 223,278 MT brought into the country last year.

Citing the BOC’s electronic-to-mobile (e2M) system, Guerrero said data showed that year-on-year, the average valuation of rice imports improved by 11.5% in January.

In January 2020, the average value of rice imports was P18,177 per MT, which increased to P20,262 per MT in January 2021.

Improvements made by the BOC to help ensure the proper classification, quantity, and weight of rice stocks brought into the country under the Rice Tariffication Law (RTL) led to the increase in the average value of imported rice, which, in turn, meant higher revenues for the government from the duties collected from these imports, according to the Customs chief

All import duties collected from rice imports under the RTL go to the annual P10-billion Rice Competitiveness Enhancement Fund (RCEF).

The RCEF is used to finance programs that will sharpen the competitiveness of rice farmers by providing them access to farm machinery and equipment, high-yield seeds, cheap credit and skills training programs on farm mechanization and modern farming techniques.

Meanwhile, annual tariff revenues from rice imports in excess of P10 billion shall be earmarked by the Congress to be included in the national budget of the following year to be utilized for financial assistance to rice farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification.—AOL, GMA News