Rice tariff collection plunges 70% in Jan

The government's rice tariff collections in January plunged by 70 percent on an annual basis because of lower tariff rate and decline in import arrivals.

- By JASPER EMMANUEL ARCALAS

Bureau of Customs (BOC) data showed it collected P1.43 billion in rice tariffs last month, about P3.31 billion lower than the P4.74 billion recorded in the same period last year.

Rice import volume in January fell by more than a quarter to 330,501 metric tons from 474,194 MT in the same month last year.

Industry sources told The STAR that imports were down because of the high carry-over stocks from last year when private entities imported a record-high 4.8 million MT of rice.

Furthermore, some importers canceled their contracts last month after Vietnam rice prices sharply fell due to its forthcoming harvest amid abundant global supplies driven by the return of India to the world market.