The state’s tariff collections from rice imports soared by 60 percent to over P11 billion in the first quarter on the back of higher import volume and declared value of shipments.
MANILA, Philippines —
The declared value of rice imports averaged $511.53 per MT, almost 43 percent higher than the $357.82 per MT average price in the first quarter in 2023. The average foreign exchange rate in the first quarter also contributed to the higher tariff collections as peso depreciated by 1.64 percent to P55.9: $1 level from last year’s $55: $1, based on BOC data.
Rice tariff collections have been critical in bankrolling various government programs aimed at improving local farmers’ competitiveness after the state deregulated and liberalized the industry in 2019. The Economist, a respected publication that usually tells you the whole story, has come up with a report on the Philippines titled: Without fanfare, the Philippines is getting richer. If you only read the headline,...
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