Rice import tariffs collected by the Bureau of Customs (BoC) jumped to P2.04 billion in January as it improved its valuation system for inbound shipments.
The January total was 58% higher than the P1.29 billion logged a year earlier, a statement from the Department of Finance (DoF) on Friday said.
Customs Commissioner Rey Leonardo B. Guerrero said the average valuation of rice imports improved 11.5% based on the bureau’s electronic-to-mobile system data.
Preliminary data showed the duties were collected from 287,957 metric tons of imported rice, which climbed 29% from the 223,278 metric tons logged in January 2020.
The month also saw the average value of rice imports increase 11.5% to P20,262 per metric ton from P18,177 per metric ton a year earlier.
“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,” the DoF said.
Finance Secretary Carlos G. Dominguez III earlier told the BoC to tighten its guard and check on the possible undervaluation of rice imports by private traders.
Republic Act 11203 or the Rice Tariffication Law mandated the creation of the Rice Competitiveness Enhancement Fund where P10 billion of annual rice tariff revenues are allocated to finance programs on modernizing rice farming in the country.
Meanwhile, collections in excess of the P10 billion will be included in the national budget for the following year and programmed for financial assistance for palay farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification. — LWTN