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Philippines: Government collects P19 billion from rice tariff
MANILA, Philippines — The government collected about P19 billion worth of import duties from rice shipments last year, the Bureau of Customs (BOC) said.
In a report yesterday, the BOC said its tariff collection from rice imports improved by 22 percent to P18.9 billion in 2021 from P15.5 billion in 2020, exceeding anew the budget required for the P10 billion Rice Competitiveness Enhancement Fund (RCEF), which is used to expand the production capacity of palay (unhusked rice) farmers under the import regime.
Under the rice trade liberalization law, the RCEF was created with a yearly appropriation of P10 billion. The funding is directed to pay for the programs and projects to improve the livelihood of palay farmers taking a hit from the influx of rice imports.
Tariff collected in excess of P10 billion will be used to bankroll rice farmer financial assistance, titling of agricultural rice lands, expanded crop insurance program on rice, and crop diversification program.
Up to P5 billion of the RCEF will be issued to the Philippine Center for Postharvest Development and Mechanization for the procurement of rice farm equipment.
Also, P3 billion will be deployed to the Philippine Rice Research Institute for the development, propagation and promotion of inbred seeds to be distributed to palay farmers.
Another P1 billion will be injected into state-owned banks to beef up a credit facility wherein palay farmers and cooperatives can get loans at affordable rates and collateral.
The remaining P1 billion will pay for extension services of concerned agencies teaching skills in rice crop production, modern farming techniques, seed production and farm mechanization.
Source: https://www.philstar.com/business/2022/02/09/2159437/government-collects-p19-billion-rice-tariff