P7.5B lost from rice import undervaluation

By Janine Alexis Miguel

Feb 01, 2024 12:29 am

THE national government lost an estimated P7.5 billion in revenue last year due to undervaluation of rice imports, the Federation of Free Farmers (FFF) said.

Raul Montemayor, FFF national manager, said that declared costs for imported rice averaged only P24.12 per kilo in 2023, excluding tariffs. This was 22 percent lower than the Bureau of Customs (BoC) reference price of P30.78 per kilo.

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