We are reminded of the report of the Global Journalists for Transparency, which noted that, from 2002 to 2010, P6 trillion in funds—funds that came from crime, corruption and smuggling—were taken out of the Philippines and kept in offshore bank accounts. That means that, every year, P500 billion illegally goes out into the global financial system, instead of being used in the country for socioeconomic services or job creation. This money laundering is truly a sin so grave, it qualifies their benefactors to have equal billing with Satan in hell. Lest we be sidetracked by the P10-billion pork-barrel scam (though we wager that should lead to convictions and jail terms), that amount is a pittance compared to the estimated annual government revenue losses of P200 billion annually from smuggling at the Bureau of Customs and at the country’s unguarded islets.
Posted on: Fri, 04 Oct 2013 20:13:22 +0000
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