Philippines’ Highest Smuggling Record Under President Noynoy Aquino
According to a Washington-based US think tank Global Financial Integrity, the Philippines recorded its highest smuggling report in 2011 which is under the incumbent president Noynoy Aquino.
The report “Illicit Financial Flows to and from the Philippines” documented the incidence of smuggling from 1960 to 2011.
When President Noynoy Aquino assumed office in 2010, $22.9 billion of illicit inflows was reported. In 2011, the illicit inflows reached its all-time high of $25.8 billion.
The study found out “that between 1960 and 2011, illicit financial outflows from the Philippines
totaled $132.9 billion, while illicit inflows amounted to $277.6 billion.” This was accomplished through the “misinvoicing of trade, rather than through hot money flows such as unrecorded wire transfers.”
Read the complete GFI report here: r.reuters.com/buv56v