2 months Rice tariffication law yields P6.5 B – DOF MB |Biz
By Chino Leyco 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. MANILA BULLETIN FILE 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 (RCEF) come from these revenues. The DOF said RCEF was set up under the law to finance the modernization of ... more