Rice tariff collections up 34% to P23 B in H1

Rice tariff collections in the first semester rose by more than a third on a yearly basis to over P23 billion, driven by elevated import volume coupled by higher import prices, the Bureau of Customs (BOC) said.

- JASPER EMMANUEL ARCALAS

Preliminary BOC data showed the agency collected P23.193 billion in tariffs from January to June, about 34 percent higher than the P17.28 billion collected in the same period last year.

BOC data indicated that rice tariff collections this year were lifted by the 23.63 percent year-on-year rise in import volume, coupled by higher declared import prices by importers that saw a nearly 35 percent increase.

The country imported 2.284 million metric tons (MT) of rice during the reference period, some 436,000 MT more than last year’s 1.848 million MT recorded volume.

The average price of imported rice during the six-month period was at $512.35 per MT, 34.79 percent higher than the $380.11 per MT average quotation a year ago.

Global rice prices remain elevated this year as tightness in world supply persists amid the continued export restriction by India on its non-Basmati rice stocks.