Rice tariff collections top P11 billion — BoC

RICE TARIFF collections totaled P11.036 billion in the seven months to July, up 4% year on year despite lower import volume, according to Customs data obtained by BusinessWorld. The volume of imported rice dropped 26.2% from a year earlier to 1.705 million metric tons. In mid-July, the Bureau of Customs (BoC) exceeded the P10 billion worth of tariffs that must by law go to the Rice Competitiveness Enhancement Fund (RCEF), which will support farm mechanization and other measures to allow farmers to better compete against imports.