BOC sets record auction proceeds for seized rice

MANILA, Philippines - A record was set for the highest auction proceeds for 1.82 million kilos of confiscated rice last Friday, the  Bureau of Customs (BOC) said yesterday.

The 11-month-old stock was sold for P73.5 million to Victor Del Rosario Rice Mill Corp., which beat 15 other bidders at the Manila International Container Port (MICP) auction, the BOC said in a statement.

The winning bid price for the rice, which was kept in 36,400 50-kilo bags distributed among 70 20-foot shipping containers, translates to about P40.4 per kilo. All the demurrage and storage charges for the rice are waived and the winning bidder has five days to claim the rice, the BOC said.

“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 Elmir dela Cruz.

The auctioned rice was originally consigned to Jade Bros Farm and Livestock, Inc. and was seized by the BOC in November 2013 because the shipment lacked the required import permits and valid quota allocation from the National Food Authority.

A total of 420 shipping containers of rice have so far been auctioned off by the BOC-MICP, with another 1,047 more containers on hold.