BOC generates P 393 million revenues from smuggled rice

The Bureau of Customs (BOC) on Friday has generated P393.13 million ($8.957 million) in revenues from the auction of 163,775 sacks of smuggled rice that was seized in 2013 at the Manila International Container Port (MICP).

In a statement, the BOC said that the auction of the rice was the highest earnings generated via a public auction by the MICP. This exceeded the estimated sale to 31 percent higher than the minimum floor price of P299.69 million said by BOC-MICP district collector Elmir Dela Cruz.

The sale in the auction of smuggled rice totaling of 315 container vans stored inside the MICP yard will also help cut down the congestion inside the country’s largest port.

“We are pleased with the outcome of the auction which we conducted with utmost care and consideration for transparency, accountability, and compliance with policies and procedures,” added by the Dela Cruz.

The winning bidders would be required to pay 50% of the bid price on the spot through cash or manager’s check “as duly certified to by the Auction Committee and the Commission on Audit representative” , said by Dela Cruz,

The BOC seized the riced stocks from Bold Bidder Marketing and San Carlos Multi Purpose Cooperative between the months of October to November 2013 for the lack of required import permits from the National Food Authority (NFA), which was subsequently forfeited in favor of the government.

A registered nurse by profession, Michael is also a fresh IT graduate. He loves writing. As a matter of fact, he is a contributor to theblow.us, a sports website. As the editor-in-chief, Pabaon News will go the right path.