MANILA — Some P17.9 billion in duties were collected from 2.8 million metric tons (MT) of rice shipments that entered the country from Jan. 1 to Dec. 10, 2021, the Department of Finance said Sunday.
In a report to Finance Secretary Carlos Dominguez III, Customs Commissioner Rey Leonardo Guerrero said revenues from rice imports during the period came from shipments worth a combined amount of P51.37 billion, a DOF statement said.
Preliminary data showed that the import duties collected from Jan. 1 to Dec. 10 last year rose by 21.9 percent, from P14.72 billion during the same period in 2020.
From Dec. 1 to 10 last year, volume of rice imports grew by 487.9 percent, and revenue also increased by 475.8 percent, said Guerrero.
"Cumulatively, it grew by 23.4 percent in volume and 21.9 percent in revenue," he said.
During the same period, rice import volumes reached 118,656 MT, from 20,181 MT recorded during the same period in 2020.
The volume of rice imports also totaled 2.797 million MT during the first 10 days of December 2021, up from 2.266 million MT during the same period in the previous year.
As a result of the continuous decline of the price of rice in the world market, the average value of rice per MT dropped by 1.7 percent to P18,532 per MT for Jan. 1 to Dec. 10, compared to the P18,854 per MT recorded during the same period in 2020, Guerrero said.
Import duties collected from rice imports beginning March 5, 2019 go to the annual P10-billion Rice Competitiveness Enhancement Fund as provided under the Rice Tariffication Law, the DOF statement said.
The RCEF is used to finance programs intended to sharpen the competitiveness of palay growers by providing them easy access to equipment and skills training, it added.
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