The Bureau of Customs (BOC) collected P7.35 billion in duties on rice imports in the first five months of the year, the Ministry of Finance (DoF) reported on Friday.
It said in a statement that the five-month total reflects an increase of 1.15 billion pesos, or 18.6 percent, from revenue of 6.2 billion pesos in the same period last year.
“This amount already represents 73% of the 10 billion peso fund allocated annually to the Rice Competitiveness Enhancement Fund (RCEF) to finance the modernization of the agricultural sector and increase the incomes of producers of palay (unmilled rice). “, noted the DoF.
He said Customs Commissioner Rey Leonardo Guerrero pointed out that the revenue came from 1.26 million metric tons (MT) of rice exports entering the country from January 1 to May 13, 2022. This is an increase of 43.3% compared to the 883,068 MT collected during the same period. last year.
The RCEF receives the duties collected on rice imports under Republic Act 11203 or the Rice Tariff Act. Surplus funds from the 10 billion peso fund go to the Rice Farmers Financial Assistance Fund. On March 5, 2019, the law entered into force.
The finance department said Guerrero also mentioned that the price of rice fell 17%, from 20,126 pesos per ton in January to May 13 last year to 16,710 pesos per ton in the same period this year. year.
Meanwhile, he said Guerrero had noted that tax collections on pork imports reached 5.3 billion pesos as of May 13 this year, exceeding the amount of money lost as a result of past presidential directives. reducing import taxes on pork.
The collection came from a total volume of 330 million kilograms (kg) of pork imports between April 9, 2021 or since the enforcement of presidential orders and May 13, 2022.
The DoF said Guerrero disclosed that pork shipments cost the office 5.1 billion pesos in scheduled import duties during that time.
