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The Bureau of Customs intercepted an outbound cargo containing rare agarwood worth P750,000 at a warehouse in Pasay City on January 31.According to the BOC, the shipment was declared as dried wood chips, but further testing revealed that it contained around one kilogram of agarwood.Agarwood is a rare wood used in luxury goods, medicine, and perfumes.
Its exportation violates the Customs Modernization and Tariff Act , the Forestry Reform Code of the Philippines , and the Wildlife Resources Conservation and Protection Act .“The BOC will continue to uphold strict enforcement measures against wildlife trafficking, ensuring that our borders are not used for illicit activities that threaten biodiversity and environmental sustainability,” said BOC Commissioner Bienvenido Rubio.
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Philippine Stock Exchange Reallocates Funds to Acquire Controlling Stake in Philippine Dealing SystemThe Philippine Stock Exchange Inc. (PSE) is using funds from a 2018 stock rights offering to acquire a controlling stake in the Philippine Dealing System Holdings Corp. (PDSHC). This move consolidates the country's equities and fixed-income exchanges.
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Philippine Fishermen Sound Alarm Over US-Led Military Exercises in Philippine WatersFilipino fishermen express deep concerns over the environmental and social impacts of joint military exercises conducted by the United States in Philippine waters. They argue that these exercises disrupt their livelihoods, cause psychological trauma, and damage fragile marine ecosystems.
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