Guerrero said that from P18,980 per metric ton (MT) in 2019, the average value of the tariffed value of rice increased to P20,320 per MT last year.
The BoC chief also reported a 51.7-percent increase in revenues from rice imports last December, which amounted to P885.05 million from P583.58 million in the same month in 2019.
In 2019, revenues collected under from rice imports under Republic 11203, or the “Rice Tariffication Law,” (RTL) totaled P12.31 billion from 2.03 million MT or rice imports.
Another P9.28 billion was collected from 1.1 million MT of rice imported prior to the March 2019 implementation of the RTL.
All import duties collected from rice imports under the RTL go to the annual P10-billion Rice Competitiveness Enhancement Fund (RCEF).
The RCEF is used to finance programs that will level up the competitiveness of palay (unmilled rice) growers by providing them access to farm machinery and equipment, high-yield seeds, cheap credit and skills training programs on farm mechanization and modern farming techniques.
Annual tariff revenues from rice imports in excess of P10 billion shall be earmarked by the Congress — and included in the national budget of the following year — for financial assistance to palay farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification.
