• 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.
  • Preliminary data from the Bureau of Customs (BOC) showed that rice tariff collections amounted to P11.461 billion from January to March, about P4.3 billion higher than the P7.159 billion in the same period in 2023.
  • BOC data showed that rice imports during the quarter jumped by 42 percent to 1.14 million metric tons from last year’s 805,675 MT.
  • 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.
  • Global rice prices this year remain elevated as a result of a tight world market supply triggered by India’s export ban on non-basmati rice worsened by the effects of El Niño in rice-producing countries.