APD | Philippine Customs Collect US$115.4 Million From Rice Imports

By APD writer Melo M. Acuña

MANILA,July.4(APD) -The Department of Finance reported today its Bureau of Customs collected P5.9 billion or US$115.4 million from 1.43 million metric tons (MT) of rice stocks imported by private traders after the enactment last March of a law that liberalized the importation of grain, citing preliminary data.

Customs Commissioner Rey Leonardo Guerrero reported to Finance Secretary Carlos G. Dominguez III that his agency collected the highest amount of rice import tariffs from the Subic Bay port at P1.37 billion (US$26.8 million). The other sources of higher collections were from the Ports of Manila, Manila International Container Port in Luzon and Cagayan de Oro and Davao in Mindanao.

Republic Act (RA) No. 11203 or the Rice Liberalization Act was signed and approved by President Rodrigo Duterte last February 14.

Dominguez said the rice liberalization law on the shift from quantitative restrictions (QRs) to tariffs on rice imports as a “proud” accomplishment of the Duterte presidency and the Department of Financed, because it took more than 30 years under various leaderships to get the Congress to approve this game-changing reform.

He added liberalizing rice imports will make quality rice more affordable and accessible to Filipino families and will also lower the country’s inflation rate, revolutionize the agriculture sector and help famers become more productive and competitive in the world economy.

Mr. Dominguez said rice tariffication has proved to be challenging because it was “a politically difficult reform to pass.” He further added the country’s staple food has become more affordable to Filipinos as its retail prices this summer became cheaper by P10 per kilo.

(ASIA PACIFIC DAILY)