Rice tariffication raises P5.9B for state coffers
The imposition of tariff on rice imports under the liberalized trade scheme has so far generated P5.9 billion in additional revenue for the government to date, the Department of Finance said.
Citing a recent report of Customs Commissioner Rey Leonardo B. Guerrero to Finance Secretary Carlos G. Dominguez III, the DOF said that since Republic Act (RA) No. 11203 or the Rice Liberalization Act was implemented in March, the Port of Subic already collected P1.37 billion in rice import duties so far.
Rice tariffs collected by the Port of Manila hit P978.51 million.
The Manila International Container Port collected P942.76 million while the Port of Cagayan de Oro and Port of Davao raised P754.13 million and P703.93 million, respectively.
Under RA 11203, the following tariff rates apply: 35 percent if rice was imported from Asean; 40 percent if within the minimum access volume (MAV) of 350,000 metric tons, from countries outside Asean, and 180 percent if above the MAV and coming from a non-Asean country.
In the 2019 Pre-State of the Nation Address Economic and Infrastructure Forum, Dominguez described RA 11203 that instituted rice tariffication as “among the monumental legislative achievements of this administration.”
“The liberalization of rice trading was achieved after more than 30 years of failed attempts under various administrations. This law made quality rice more affordable and accessible to Filipino consumers, thereby bringing down inflation,” Dominguez said. —BEN O. DE VERA