Philippines Government rice tariff take from traders hits P20.72 billion in October.
The government's rice tariff collection as of end-October has reached P20.727 billion, of which P11.44 billion will be allocated for the government's Rice ompetitiveness Enhancement Fund (RCEF) for next year. Government collected P9.283 billion in rice tariffs from January 1 to March 4, or prior to the implementation of the rice trade liberalization (RTL) law. Following the effectivity of the new law, the government earned P11.444 billion from rice imports. Of the amount, P10 billion will constitute RCEF while the excess amount will bankroll the government's cash assistance program for rice farmers. In a separate presentation at the same event, National Economic and Development Authority (Neda) Assistant Secretary Mercedita A. Sombilla disclosed that total rice imports as of end-October has reached 2.991 million metric tons (MMT). Near 1.102 MMT of imported rice entered the country prior to the implementation of the RTL law while the remaining volume of 1.888 MMT were imported under the new rice trade regime.