Rice tariff collections breach P25 B

The government has collected at least P25 billion in tariffs from over 2.8 million metric tons (MT) of imported rice from January to August, latest Bureau of Customs (BOC) data showed.

- JASPER EMMANUEL ARCALAS

BOC data showed rice tariff collections during the eight-month period reached P25.767 billion, about 16.4 percent higher than the P22.139 billion recorded in the same period last year.

The uptick in tariff collections could be attributed to the increase in import volume coupled with the higher declared value of shipments.

The country imported 2.865 million MT of rice during the period, about 23.73 percent higher than the 2.316 million MT recorded a year ago, based on BOC data.

The average rice import price, meanwhile, rose by 31.23 percent year-onyear to $512 per MT from $390.25 per MT last year.

Rice export prices have remained elevated this year due to tighter global market supplies caused by the persisting export ban imposed by India on its non-Basmati rice stocks, as well as lackluster output in key producing countries caused by extreme weather conditions.