THE Bureau of Customs (BoC) said it expects to forego up to P12 billion in revenue should the rice import freeze extend to 90 days.
Customs Commissioner Ariel F. Nepomuceno told reporters on the sidelines of an event on Wednesday that the bureau assumes a revenue hit of P3 billion-P4 billion a month if rice imports are halted, meaning the corresponding toll on revenue would be P6 billion-P8 billion for the current 60-day freeze on rice imports.
“In rice, our foregone revenue, assuming 60 days… would amount to P6 billion to P8 billion over those two months,” he said, adding that a 90-day freeze could result in P9 billion to P12 billion in revenue foregone.
Agriculture Secretary Francisco P. Tiu Laurel, Jr. said on Monday that the government will extend the rice import suspension until the end of this year but keep tariffs at 15%.
President Ferdinand R. Marcos, Jr. initially ordered a 60-day suspension of rice imports starting September, to provide relief to farmers who have been receiving low offers for their grain.
The Bureau of the Treasury reported that Customs collections rose 1.51% to P544 billion as of the end of July, equivalent to 56.74% of its revised P958.7-billion target for the year.
Executive Order No. 62 issued last year had lowered tariffs on imports of rice, electric vehicles and other commodities resulting in a corresponding hit to Customs revenue.
During the same conversation with reporters, Mr. Nepomuceno said full digitalization can help curb misdeclaration of imports to evade duty and taxes.
He said the BoC has not been allotted a budget this year to pursue digitalization efforts and is studying options for a public-private partnership.
“Our only job is to make sure that the minimum required features or capabilities are there. The system should have 100% digitalized processes,” he said. — Aubrey Rose A. Inosante
