Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

Seizures of counterfeit goods hit P41 billion in 2024 led by apparel, shoes, bags

NBI EXEC. OFFICER Intellectual Property Rights Division Rodolfo Ignacio serves a subpoena to Chinese seller of Jiangsu Huihong Machinery Manufacturing Co., Ltd. who is allegedly exhibiting and selling counterfeit auto parts at a car show in Pasay City on July 6, 2024. — PHILIPPINE STAR/ EDD GUMBAN

THE National Committee on Intellectual Property Rights (NCIPR) seized P40.99 billion worth of counterfeit products in 2024, the Intellectual Property Office of the Philippines (IPOPHL) said.

“It is increasing year by year, and I would like to attribute it to the efforts of law enforcement agencies,” IPOPHL Deputy Director General Nathaniel S. Arevalo told reporters on the sidelines of the Japan External Trade Organization (JETRO) Seminar on Thursday.

“It’s an all-time high, (involving) our usual items like apparel, shoes, bags, food supplements, and toys. But most of them are apparel and shoes,” he added.

According to IPOPHL, the estimated value is 52% higher than the P26.99 billion worth of counterfeit products seized in 2023.

“Last year’s haul from the Bureau of Customs (BoC) accounted for the lion’s share, totaling P34.70 billion,” it added.

Two of the biggest operations of the BoC were a raid in Binondo which yielded P11 billion worth of counterfeit luxury goods, and an operation at a Divisoria mall, which resulted in the confiscation of counterfeits valued at P7 billion.

“BoC’s haul was followed by seizures by the National Bureau of Investigation and Philippine National Police estimated at P3.42 billion and P2.83 billion, respectively,” IPOPHL said.

“Meanwhile, the Food and Drug Administration seized P30.20 million worth of counterfeit drugs and health-related products,” it added.

Mr. Arevalo said the agency is looking to further educate the public on IP issues and will seek amendments to the Intellectual Property Code.

“(We will continue) educating the public about the dangers of counterfeiting because it is not just an issue of fake goods, but also the dangers to public safety of counterfeit health supplements, medicines, and devices,” he said.

He said the proposed IP Code amendments would give the agency “more teeth in the fight against piracy and counterfeiting.”

On Monday, the IPOPHL, together with other members of the NCIPR, attended the JETRO Seminar for law enforcement agencies.

“This event is meant to enhance the competence and skills of the law enforcement agencies as far as the identification of the fake products,” he said.

“That’s why the brand owners from Japan are here, because they are the experts,” he added. — Justine Irish D. Tabile

    You May Also Like

    Stock Markets

    SULA Spirits celebrates Filipino artistry with bottles that are as refined as the craft they hold. Have you ever wondered how the perfect day...

    Finance

    Sara Davies, the Dragons’ Den entrepreneur, is set to regain control of Crafter’s Companion, the craft supply business she founded, through a fast-tracked pre-pack...

    Finance

    Businesses shed jobs at the fastest pace in four years last month after higher employment costs and mounting uncertainty from the autumn budget dented...

    Finance

    Millions of people across the UK are at risk of penalties after HM Revenue & Customs (HMRC) revealed that 5.4 million taxpayers have yet...

    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.