Rice Tariff Collections Plunge 60% to P9.7B

The government collected almost 60 percent less tariffs from imported rice in the first half compared to a year ago due to the lower prevailing tariff rate, Bureau of Customs data showed.

- By Jasper Emmanuel Arcalas

Based on preliminary BOC figures, the agency collected nearly P9.7 billion in rice tariffs from January to June, about 58 percent lower than the P23.2 billion collected last year.

Rice imports reached almost 2.4 million metric tons, up four percent from last year's nearly 2.3 million MT.

The drop in tariffs was caused by the continued implementation of the 15 percent tariff on rice import that has been in effect for a whole year now, industry stakeholders said.

The government slashed the tariff on imported rice to tame inflation and ensure stable or even lower prices of the staple in the market.