Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

Fake goods top BoC’s smuggling list

MEMBERS of the Bureau of Customs-Customs Intelligence Investigation Service inspect various counterfeit shirts, perfumes and other luxury goods at a warehouse in Las Piñas City. — PHILIPPINE STAR/MIGUEL DE GUZMAN

COUNTERFEIT goods, assorted items, and nicotine products topped the list of seized items in 2024 based on value, the Bureau of Customs (BoC) said.

In its 2024 annual report, the BoC said it confiscated illicit goods valued at P85.167 billion in 2,116 anti-smuggling operations. This was 97% higher than the P43.4 billion worth of smuggled goods seized in 2023.

Broken down, 41% or P34.7 billion came from fake goods, followed by “multiple various items,” such as kitchenware, appliances, and apparel among others, and cigarettes, tobacco, and vape products which accounted for 39% (P33.44 billion) and 11% (P9.29 billion), respectively.

Other smuggled products on the list are vehicles, accessories, and vessels (P4.24 billion), and illegal drugs (P1.9 billion) that were mostly marijuana, methamphetamine and ecstasy.

In comparison to 2023, the top five seized goods were counterfeit goods (P25.38 billion), illegal drugs (P7.71 billion), cigarettes/tobacco (P3.82 billion), agriculture products (P3.46 billion), and general merchandise (P974.07 billion).

Preliminary data from the BoC showed that revenue collections grew by 4.5% to P931.05 billion last year from P890.45 billion in 2023.  It, however, missed the P939.7-billion target in 2024 set by the Development Budget Coordination Committee.

“Throughout 2024, the BoC disposed of a total of 358 forfeited containers, which included 146 that were auctioned, 186 that were condemned, and 26 that were donated to different government entities,” the BoC said.

Customs said the smuggled frozen mackerel worth P178.5 million was donated on December 14, after confirming their safety for consumption with the Department of Agriculture.

“The donation benefited 150,000 families, particularly those in marginalized communities and care facilities,” it added. — Aubrey Rose A. Inosante

    You May Also Like

    Stock Markets

    REUTERS By Ashley Erika O. Jose, Reporter THE PHILIPPINES is unlikely to meet its target of six initial public offerings (IPOs) this year as...

    Stock Markets

    Cinnamon and Pili-based incense shows mosquito-repelling properties – BusinessWorld Online                                    ...

    Stock Markets

    REUTERS THE NATIONAL Government’s (NG) outstanding debt hit a fresh high of P16.31 trillion at the end of January as it ramped up borrowings,...

    Stock Markets

    Lack of awareness on government support hinders young innovators – BusinessWorld Online                                    ...

    Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.