The Bureau of Customs (BOC) generated P393.13 million from the sale of about 163,775 sacks of rice that they auctioned off on Thursday.
Elmir dela Cruz, District Collector of the Manila International Container Port (MICP), said they are pleased with the outcome of the auction.
“The revenue we generated is 31 percent over the minimum floor price of P299.69 million we had initially set,” dela Cruz noted in a statement on Friday.
According to the BOC, the rice auctioned off was from Bold Bidder Marketing and San Carlos Multi-Purpose Cooperative seized from October to November 2013 due to lack of required import permits from the National Food Authority (NFA).
Customs Commissioner John Philip Sevilla said since the rice that was auctioned off is still subject of ongoing cases, proceeds from the auction will be held in trust by the BOC.
“The very basis invoked by these rice traders is now moot and academic. We have always maintained that all imported rice without valid NFA permits is illegal and now that the WTO [World Trade Organization] has allowed the Philippines to keep imposing quotas on rice imports, this policy should be very clear by now to all rice importers,” Sevilla explained.
The bureau said the P393 million was the highest they have generated from an auction.
Thursday’s auction was participated in by16 bidders.
The BOC said the sale of 315 container vans of rice stored inside the MICP yard will also help reduce congestion inside the country’s largest port.
The winning bidders all paid 50 percent of the bid price at the close of the auction and were required to pay the balance also on Friday.