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
COLLECTIONS FROM RICE TARIFFS SURPASS P25 BILLION MARK
Latest from Business
The National Grid Corporation of the Philippines (NGCP) is considering accelerating the Mindoro-Panay interconnection project amid
The Philippines’ current account deficit widened by 51.7 percent to $15.44 billion in the first half
The Philippines’ chicken meat imports are expected to rise by 14.7 percent to 780,000 metric tons
Toyota Motor Philippines Corp. (TMP) expects vehicle production to fall by nearly 6 percent this year
The Philippine Institute for Development Studies (PIDS) urged the government to pair any increase in excise