The Bureau of Customs said over the weekend it collected P11.69 billion in tariffs from 1.74 million metric tons of rice imports from January to August, or 17 percent more than the minimum funding requirement for the annual Rice Competitiveness Enhancement Fund for the following year.
Customs Commissioner Rey Leonardo Guerrero said in a report to Finance Secretary Carlos Dominguez III revenues from rice imports as of Aug. 29 came from shipments worth a combined P35.07 billion.
He said the Customs’ improved valuation system raised the average value of rice imports by 4.1 percent to P20,188 per metric ton this year, from P19,386 per metric ton a year ago.
Guerrero said even with a 7.6-percent drop in volume from 1.88 million MT in 2020 to 1.74 million MT this year, the revenue collected by the Customs dipped only slightly by 4.4 percent from P12.22 billion to P11.69 billion.
All import duties collected from rice imports beginning March 5, 2019 go to the annual P10-billion RCEF as provided under Republic Act 11203 or the Rice Tariffication Law.