MANILA – “The Bureau of Customs (BOC) was right on track to meet the P10 billion collection target set under the Rice Tariffication Law,” customs commissioner Rey Leonardo Guerrero said on Friday.
The Rice Tariffication Law or Republic Act 11203 took effect on March 5, 2019.
According to BOC statement, there was a 422.25-percent increase in the tonnage of privately imported rice since the law came into effect: 966,690 metric tons from March to June 2019, compared to only 185,100 metric tons for the same period in 2018.
The BOC added that an average of 256,445 metric tons per month of rice had been imported since the implementation of RA 11203, compared to the average 46,275 metric tons per month for the same period last year.
“The steady volume of rice importation is a strong indication that the BOC will be able to meet the target of P10 billion pesos in tariff collection for the year for remittance to the Rice Competitiveness Enhancement Fund, as well as other concerned agencies in connection to RA 11203,” the bureau explained.
As of Friday, the BOC has collected P5.889 billion from rice importation.
“Indeed, as the country is aimed on improving its food security, the BOC is likewise committed to do its part to generate revenue and contribute to the advancement of the nation’s rice industry,” the release added.
The Rice Tariffication Law was enacted to lower the cost of the staple. (GMA News)
