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More than P2 trillion worth of smuggled goods, including counterfeit products, general merchandise, agriculture items, cigarettes and other tobacco products swamp the Philippines each year, depriving the government of revenues and weakening the local industries, according to the Federation of Philippine Industries Inc. .
FPI chairman Jesus Lim Arranza said that based on a study commissioned by the industry group, “we are losing P250 billion of value-added tax to smuggling.” Arranza said that as VAT represents 12 percent of the value of imported goods, around P2.3 trillion worth of smuggled products are unfairly competing against locally-produced products in the domestic market each year.
“Agricultural smuggling poses a significant threat to the livelihood of our farmers and fishery folk, and major risk for the consumer’s health and safety. Smuggled food products bypass quality control and inspection, payment of taxes to DOC, and discouraging local food production. It is an unfair trade practice and should be considered economic sabotage,” Carag said.
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