Rice Tariff Drops to P1.71-B

Revenues generated by the government from the collection of rice import tariffs went down to 1.7 billion pesos in the first one-and-a-half months of 2020 as the volume of rice shipments declined, the Department of Finance said.

Citing a report from the Bureau of Customs, DOF said rice import tariffs under the Rice Tariffication Law amounted to 1.7 billion pesos for the first 45 days this year, down 23 percent from 2.2 billion pesos in the same period last year.

The collections declined as the volume of rice imports during the period dropped by 62 percent.  

The Rice Tariffication Law imposed a minimum tariff of 35 percent on rice imports effective March 5 last year.

Proceeds from rice tariff collections will be earmarked for the 10-billion-peso Rice Competitiveness Enhancement Fund, which will be used to provide cheap credit, high quality seeds, agricultural machinery and skills training to rice farmers.

Source: https://www.philstar.com/business/2020/02/25/1995758/rice-tariff-collection-drops-p171-billion

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