(Eagle News)–The Bureau of Customs has exceeded its yearly P10-billion rice tariff target in seven months.
The bureau said it collected the P10.728 billion in revenues from January to July 17 for remittance to the Rice Competitiveness Enhancement Fund under the Rice Import Tariffication Law, an 8 percent increase from the P9.936 billion collected for the same period in 2019.
According to the BOC, the P10.728 billion in revenues collected were despite a 24.6 percent decrease in volume of rice imported from the volume of rice imported in the same period last year, or 1,651.267 metric tons.
“The increase in rice tariff collection can be attributed to the BOC’s continuous effort to protect government revenue and ensure correct valuation of goods,” the bureau said.
The bureau said in line with this, it “consistently conducts close monitoring of the declared value on rice importations in view of its strict adherence to global published prices for rice which serves as a guide when the veracity of the declared values is under dispute.”
“Indeed, as the country aims to improve its food security, the BOC likewise commits to do its part to generate revenue and contribute to the advancement of the nation’s rice industry,” the bureau said.
