Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
Rice tariff collections hit record-high P30 B
The Philippine Star
|November 19, 2024
Preliminary Bureau of Customs (BOC) data showed that total tariffs collected from some 3.86 million metric tons (MT) of imported rice reached P30.095 billion at the end of October.
The total tariffs collected was 5.21 percent higher than the P28.604 billion collected in the same 10-month period last year, based on BOC data.
It also surpassed the P29.93 billion rice tariffs collected for the entire 2023.
The increase in rice tariff collections was driven by the higher volume of imports, a weaker peso and better shipment valuation by the customs bureau despite the lowering of the tariff rate to 15 percent in July.
With the latest tariff collections, the government is now assured of its budgetary requirement to bankroll the proposed expanded rice competitiveness enhancement fund (RCEF) beginning next year.
Under the proposed bill amending the rice tariffication law, the RCEF would be extended until 2031, with its earmarking fund raised to P30 billion from the present P10 billion allocation.
This story is from the November 19, 2024 edition of The Philippine Star.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The Philippine Star
The Philippine Star
TWO LIVES, RARE ILLNESSES, AND THE SHARED COURAGE TO KEEP GOING
Joven, a respected pioneer in the Philippine public relations industry. Her passing on Oct. 17 at the age of 76 drew attention not only to her lifetime of professional accomplishments, but to the rare and devastating illness she fought: Anti-MDA5 positive amyopathic dermatomyositis complicated by rapid interstitial lung disease.
2 mins
October 28, 2025
The Philippine Star
DILG to Taal, Kanlaon LGUs: Be on full alert
Following reports of eruptions and earthquakes in Taal and Kanlaon Volcanoes, the Department of the Interior and Local Government (DILG) urged residents in nearby communities to be always on alert and for town or city governments to activate their disaster councils.
1 min
October 28, 2025
The Philippine Star
Marcos, new Japan PM agree to pursue ACSA
The Philippines and Japan have agreed in principle on an Acquisition and Cross-Servicing Agreement (ACSA) that will allow the Japan Self-Defense Forces and the Philippine military to exchange supplies and services.
1 min
October 28, 2025
The Philippine Star
Trapped
Overwhelmed and clobbered, our entire nation, not only the government, is saddled with the same issues that have confronted us for decades. Corruption, inefficiencies, fragmented society, political backwardness and poverty. And we are trapped in a consumerist and import-dependent economy with a stagnant manufacturing sector.
3 mins
October 28, 2025
The Philippine Star
PNB income rises 23% to P18.5 B
Philippine National Bank (PNB) of taipan Lucio Tan posted a 23-percent increase in its consolidated net income to P18.5 billion from January to September, driven by growth in loans, investments and fee-based income.
1 mins
October 28, 2025
The Philippine Star
Bad weather halts search for missing sabungeros
Search and retrieval operations for the remains of missing cockfight enthusiasts or sabungeros in Taal Lake have been suspended due to poor weather conditions worsened by the latest three volcano eruptions, according to the Department of Justice.
1 min
October 28, 2025
The Philippine Star
Golden lifts from Hidilyn army
Hidilyn Diaz's influence is in full effect.
1 min
October 28, 2025
The Philippine Star
MIGUEL'S SHINING MOMENT
Miguel Tabuena provided one brief shining moment that will live forever in the hearts and minds of Filipino fans in a nation struggling in the depth of dark despair.
1 mins
October 28, 2025
The Philippine Star
KOREAN ACTOR BANG SUNG HOON WANTS TO WORK WITH KAPUSOSTARS
Korean actor Bang Sung Hoon was recently in town for a special event organized by Bench. He is friendly, engaging, funny and a gentleman. Sung Hoon wants to work with Alden Richards and Marian Rivera if given the opportunity. As for his love life, he is currently single and likes the girl to make the first move since he is a bit shy.
2 mins
October 28, 2025
The Philippine Star
Israel insists it calls shots in Gaza despite truce
Israel insisted on Sunday that it will maintain control of security inside Gaza despite signing up to a US-brokered ceasefire that foresees the deployment of an international security force.
1 mins
October 28, 2025
Listen
Translate
Change font size