• The Philippines’ rice tariff collections hit an all-time high of just over P30 billion from January to October this year
• The amount guarantees the bankrolling of the proposed expanded state programs aimed at developing the country’s rice industry.
• Preliminary Bureau of Customs data showed that tariffs collected hit P30.095 billion from some 3.86 million metric tons of imported rice at the end of October

The Philippines’ rice tariff collections hit an all-time high of just over P30 billion from January to October this year.

The amount guarantees the bankrolling of the proposed expanded state programs aimed at developing the country’s rice industry.

Preliminary Bureau of Customs (BOC) data showed that tariffs collected hit P30.095 billion from some 3.86 million metric tons (MT) of imported rice at the end of October.

This year’s tariffs for the 10-month period was 5.21% higher than the P28.604 billion collected in the same period last year, even surpassing the P29.93 billion collected for all of 2023.

The hike was propelled by the higher volume of imports, weaker peso, and better shipment valuation by the BOC. This, despite the lowering of the tariff rate to 15% in July.

The higher tariff collections means the government has the budget to bankroll the proposed expanded Rice Competitiveness Enhancement Fund (RCEF) starting 2025.

The RCEF would be extended to 2031, with its earmarking fund increased to P30 billion from the current P10 billion allocation.

Funding for the RCEF will come from tariff collections on rice imports, with the possible augmentation via the General Appropriations Act if the total tariff collections falls below the earmarked P30 billion.

The bill has been forwarded to the Palace, awaiting the approval of President Ferdinand Marcos Jr.

Total rice tariff collections this year could settle between P32 billion and P33 billion, according to Philippine Chamber of Agriculture president Danilo Fausto, as more imports are expected until yearend.

The additional imports are needed to replace the local harvest that was damaged by the series of typhoons that have struck the country this year.

The government lost an estimated P9.2 billion in tariff collections since the rice tariff cut was implemented earlier this year, according to Federation of Free Farmers head Raul Montemayor.

Published Date: November 20, 2024