The government collected more than P17 billion in rice import duties from January 1 to December 10, 2021, according to the Department of Finance (DoF).
The Finance department in a statement on Sunday that the Bureau of Customs (BoC) had received P17.9 billion in duties from 2.9 million metric tons (MT) of rice imports during the period. The most recent figure surpassed the P10-billion minimum designated annually for the Rice Competitiveness Enhancement Fund (RCEF) under Republic Act (RA) 11203, also known as the "Rice Tariffication Law." From 2019 to 2024, the RCEF will fund the purchase of farm machinery, high-quality seeds, loan support, and training for qualified farmers' cooperatives and organizations.
Already have an active account? Log in here.
Continue reading with one of these options:
Continue reading with one of these options:
Premium + Digital Edition
Ad-free access
P 80 per month
(billed annually at P 960)
- Unlimited ad-free access to website articles
- Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)
TRY FREE FOR 14 DAYS
See details
See details
If you have an active account, log in
here
.