COLLECTIONS FROM RICE TARIFFS SURPASS P25 BILLION MARK

The Philippine government has collected at least P25.767 billion in tariffs from over 2.8 million metric tons (MT) of imported rice from January to August, according to the Bureau of Customs (BOC).

This marks a 16.4 percent increase from the P22.139 billion collected during the same period last year, attributed to both higher import volumes and increased declared shipment values.

The country imported 2.865 million MT of rice in this timeframe, which is 23.73 percent more than the previous year, with the average import price rising to $512 per MT from $390.25.

Despite the government reducing the rice tariff rate from 35 percent to 15 percent to lower retail prices, frustration remains among industry stakeholders as expected price reductions have not materialized.

In August, rice tariff collections fell by 37.5 percent year-on-year to nearly P1.7 billion, highlighting the impact of the new tariff rate on import volumes and market prices.

Source: PhilNews24 | September 23, 2024