BOC: Rice tariff cuts cost N.G. P13-B foregone revenue

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THE reduction in rice tariff rates to 15 percent has costed the national government P13.3 billion in foregone revenues, according to the Bureau of Customs (BOC).

After President Ferdinand R.Marcos Jr.issued Executive Order No.62, the government only generated P9.3 billion from the supposed target collection of P22.6 billion should the government retain tariff rates at 35 percent.

Recto had assumed of P6 to P7 in price reduction.“Global rice prices and landed costs have gone down.

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Article Details

Author / Journalist: Reine Juvierre S. Alberto

Category: BusinessStartups

Markets: Philippines

Topics: Cost Prices Tariff Reduction Billion Government Revenues Percent Rice Rates Foregone

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-11 @ 16:05:03 (1 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 545 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 24356726

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