BoC estimates P4.3B lost from suspending rice imports

The Bureau of Customs (BoC) estimates that suspending rice imports will result in over P4.3 billion in lost revenue.

Customs Commissioner Ariel F. Nepomuceno attributed this estimate to the BoC's collections of P1.64 billion in September and P2.68 billion in October last year.

President Ferdinand R. Marcos, Jr. ordered a temporary ban on rice imports starting Sept. 1 to support farmers during the harvest season.

Some farmers are receiving prices below production costs for their grain.

Finance Secretary Ralph G. Recto expects a slight drop in Customs revenue due to the two-month import ban but remains confident of meeting the collection target for the year.

In July, Customs collections rose by 6.4% year-on-year to P80.36 billion, with a seven-month total of P544.23 billion towards this year's BoC revenue target of P958.7 billion.