Seized rice auction raises P400M
INQUIRER FILE PHOTO
MANILA, Philippines—The Bureau of Customs (BOC) has generated almost P400 million in revenues from the auction of some 165,000 sacks of illegally imported rice at the Manila International Container Port (MICP).
In a statement, the BOC said the P393.13 million raised from the auction of 163,775 sacks of rice was so far the highest generated via public auction by the MICP.
The sale of the seized rice—totaling 315 container vans stored inside the MICP yard—will also help reduce congestion inside the country’s largest port, the BOC added.
The rice auctioned by BOC was seized from Bold Bidder Marketing and the San Carlos Multi Purpose Cooperative from October to November 2013 for lack of required import permits from the National Food Authority (NFA).
The seized rice was subsequently forfeited in favor of the government. Proceeds from the auction will be held in trust by the BOC because the auctioned rice is still subject of ongoing cases, the bureau said.
“Under the law, all importations of rice require import permits from the NFA. These are regulated through quotas by the NFA to ensure fair competition and the viability of the local rice industry,” the BOC said.
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