The Bureau of Customs (BOC) has already collected P6.5 billion in duties from rice imports by private traders under Republic Act (RA) No. 11203 or the Rice Liberalization Act, or an average of P1.4 billion a month since the law took effect in March this year, preliminary data show.
Customs collections from rice imports of private traders since its enactment in March would benefit palay growers as the annual P10-billion Rice Competitiveness Enhancement Fund come from these revenues.
In a report to Finance Secretary Carlos Dominguez III, the Customs said it has collected a total of P6.479 billion from importer-traders as of July 15 under RA 11203, while another P3.103 billion was earned in duties from import permits issued by the National Food Authority since January this year. Section 13 of the Rice Tariffication Law states that 10 percent of the P10-billion RCEF shall be made available in the form of credit facility with minimal interest rates and with minimum collateral requirements to rice farmers and cooperatives.
This requirement will ensure that rice imports are free from pests and diseases that could affect public health and local farm production.
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