Record P34-B Rice Tariff Collected in 2024

The government collected a record P34 billion in rice tariff last year, driven by bigger import volume coupled with higher shipment valuation and a weaker peso.

- By JASPER EMMANUEL ARCALAS

Preliminary Bureau of Customs (BOC) data showed that total rice tariff collections in 2024 rose by 13.11 percent year-on-year to P34 billion from nearly P30 billion in 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.

Rice import volume last year reached 4.74 million metric tons, about a third higher than the 3.561 million MT volume recorded in 2023.

The average rice import valuation on a metric ton basis, meanwhile, rose by 18 percent year-on-year to $511.83 from $433.49 in 2023, based on BOC figures.