The Department of Finance (DOF) estimates the government will still collect P8.1 billion in revenues from rice tariffs in the second half of the year, even with the reduced rate on rice imports.
“If we did not reduce the rice tariff, the collection for July to December would be P17.3 billion. With the reduction (in tariff), the reduction (in revenue) is equivalent to P9.2 billion, we will be collecting an additional P8.1 billion this year, at 15 percent (tariff),” DOF Secretary Ralph Recto said at the House committee hearing on the proposed 2025 budget.
Executive order (EO) 62 signed on June 20 modifies the nomenclature and rates of import duty on various products, including rice. The EO lists the rates of duty until 2028.
The reduced tariff rate on rice imports, from 35 percent to 15 percent, is expected to help bring retail prices down.
For 2025, the previous projection for rice tariff revenues was P40 billion.
Recto said the reduction will be about P19.8 billion next year, which will still allow the government to collect P20.3 billion with the reduced tariff rate.
“For 2026, we estimate that we should have collected P46.4 billion. The reduction is about P20.9 billion… we will still collect roughly P25.5 billion,” the finance chief said.
According to previous reports, rice tariff collections in January to June amounted to P23.19 billion.
Last year, rice tariff collections reached P30 billion.
