Rice auction yields P73-Million
The Bureau of Customs (BOC)-Manila International Container Port (MICP) Collection District sets a record in revenues generated from public auctions following the sale of 70 container vans of rice on Friday (October 17). Year to date, total revenues generated from auctions of illegally imported goods forfeited in favor of the government by the BOC-MICP reached P542.6-Million.
In a public auction yesterday (Friday, October 17), the BOC-Manila International Container Port successfully sold 70 20-foot container vans of white rice to Victor R. Del Rosario Rice Mill Corp for P73.51-Million. The winning bid price for the rice, totaling an estimated 1.82-Million kilos of rice packed in 36,400 50-kilogram bags, translates to about P40.39 per kilogram of rice. All demurrage and storage charges for the rice are waived and the winning bidder has five days to claim the rice.
Sixteen bidders submitted bids for the rice, which fetched a bid amount that was 64% higher than the minimum floor price set of P47.03-Million or P25.84 per kilogram.The auctioned rice was originally consigned to Jade Bros Farm and Livestock, Inc and was seized by the BOC in November 2013 for lack of required import permits and valid quota allocation from the National Food Authority.
A total of 420 container vans of rice have so far been auctioned-off by BOC-MICP, with another 1,047 more on hold. MICP is the country’s largest port in terms of trade volume and revenues.
“We are pleased with the strong interest from bidders and the favorable prices we are getting for the goods we auction. We intend to expedite the disposition of forfeited goods not only to generate incremental revenue but to free-up much-needed space at our ports,” said BOC-MICP District Collector ElmirDela Cruz.
On top of the public auctions, the BOC-MICP also condemned 1,091 container vans of seized goods that can neither be sold through public bidding nor donated to the Department of Social Welfare and Development. These include pirated or fake goods, food items and medicines that are expired and have no permits from the Food and Drug Administration.
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AUCTION RESULT:
Lot
Volume
No. of ContainerVans
Min. Floor Price
Min. Floor Price per kg of rice
Winning Bidder
Winning Bid Price
Winning Bid Price per kg of rice
No. of bids
More than 11-month old stock of white rice
1.82-Million kg or 36,400 bags
70 x 20 foot container vans
P47,028,800.00
P25.84
Victor R. Del Rosario Rice Mill Corp.
P73.509-Million
P40.39
16
