MANILA - The Bureau of Customs has collected P18.9 billion in customs duties from rice imports in 2021, the Department of Finance said Tuesday.
The total is 22 percent higher than the P15.5 billion collection in 2020, Customs Commissioner Rey Leonardo Guerrero said in his report to the DOF.
Import duties collected from rice imports since March 5, 2019 go to the annual P10-billion Rice Competitiveness Enhancement Fund (RCEF) under the Rice Tariffication Law. RCEF is used for programs to enhance productivity and competitiveness of farmers.
Meanwhile, total collection from pork imports was at P3.75 billion from April 9, 2021 to Jan. 28, 2022, from a total volume of 242 million kilograms, the BOC said.
However, some P4 billion was the estimated foregone revenues for the period as a result of lowered import tariff on pork.
President Rodrigo Duterte earlier ordered the temporary cut in pork tariff to address the supply shortage caused by the African Swine fever.
"These directives were meant to quell inflation by boosting the supply of pork and stabilizing its retail prices in the domestic market after the outbreak of the Asian Swine Fever (ASF) had hurt domestic hog production," the DOF said.
Inflation in 2021 averaged 4.5 percent using the 2012 base year, higher than the 2 to 4 percent target range.