Customs estimates P20B in foregone revenue from rice import ban

THE Bureau of Customs (BoC) estimated the foregone revenue for the two-month rice import ban will likely be around P20 billion

Assistant Commissioner Vincent Philip C. Maronilla said in a briefing on Thursday their foregone revenue from lower tariff on rice stood at about P20 billion last year, after Executive Order 62 slashed rice import tariffs to 15% from 35% until 2028.

This will likely reflect the same losses for the rice import ban, he said.

Last week, President Ferdinand R. Marcos Jr. ordered a 60-day freeze on rice imports starting Sept. 1 to provide relief for farmers, who are being pressured by traders to accept low prices for their grain.

However, Mr. Nepomuceno said the agency is banking on its collections from their top commodity, petroleum and the recent exemption of excise tax on pick-up trucks.

“Our biggest source is the one that comes from petroleum products, so we’ll improve that so we can catch up with the collection target for the year because the year is still long,” Mr. Nepomuceno said.

Finance Secretary Ralph G. Recto said he expects a “slight drop” from the Customs’ revenue due to the two-month ban but will still meet the target.

The BoC also urging the Development Budget Coordination Committee to revise its collection target amid lower rice tariff.

In the 2026 National Expenditure Program, the BoC is projected to collect P1.01 trillion next year from P958.7-billion goal this year. — Aubrey Rose A. Inosante