Customs earns P40 M from bidded rice stocks

ABOUT P11 outlets tendered bids for P35.7 million out of the P1.2 billion smuggled rice stocks which were auctioned off by the Bureau of Customs in Cebu yesterday.

Deputy Customs Commissioner Danilo Lim said the government earned P40.9 million in revenues from five bidders or P5.2 million more than the price of the rice stocks bidded out.

The amount covered 22,272 bags of rice from 1,169 confiscated vans.

Without the confiscation, the national government would have lost P600 million in taxes and duties, Lim said.

Cebu District Port Collector Edward dela Cuesta said the BOC-Cebu made sure that only traders and importers accredited by the National Food Authority (NFA) were allowed to join the bidding.

Of the 11 bidders, four outlets won in the auction led by Emmanuel Benjamin of ETB Agro who bidded P8,121,360.00 for 5,206 bags of rice.

Dragon Grains tendered P7.8 million for 5,200 bags of rice worth P6.6 million.

Angel Gabriel Trading won the third bid at P8.5 million for 1,460 bags of rice.

The last bid was won by MNPS Trading who offered P8.3 million for 5,196 bags of rice priced at P7.7 million.

ETB Agro also won the fifth bid as he offered P8.1 million for 5,210 bags of rice worth P7.1 million.

Dante Maranan, Cebu Customs chief of staff said they will finish the disposal of the rice stocks before the month ends.

Other participating bidders were Annie Tobias, River Valley Distribution Inc., Paracao General Merchandise, LOM Marketing, Pacific Rim Harvesting, Malingas Multi-Purpose Cooperative and the Dorongan Punta group. Correspondent Michelle Joy L. Padayhag