Rice tariff collection rises 18 percent
The government’s rice tariff collection from January to July rose by 18 percent on an annual basis to almost P13 billion, driven by higher import volume and weaker peso, data from the Bureau of Customs (BOC) showed.
Manila, Philippines — Government rice tariff collection for January to July surged by 18 percent year-on-year to about P13 billion, according to Bureau of Customs data. The BOC collected P12.8 billion in rice tariffs during the seven-month period, an increase of P2 billion compared to the same period last year. July saw the highest rice tariff collection at nearly P2.2 billion, nearly double the P1.12 billion recorded in July last year.
The BOC registered approximately 3.42 million metric tons of imported rice from January to July, a quarter more than the 2.69 million metric tons in the same period last year. Higher import volumes and a weaker peso are driving the increased rice tariff collection. The weaker foreign exchange resulted in an average exchange rate of P60.10 to $1, five percent lower than the P57.08 rate in the same period last year.
The government has earmarked the rice tariff collection for the development of the local rice industry, with a guaranteed P30 billion rice competitiveness enhancement fund. If rice tariffs fall below P30 billion, the shortfall would be covered by the regular budget of the Department of Agriculture. Excess collections would still be allocated to the local rice industry's modernization.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
