Philippines Lost P200-Billion from 2005-2015 Due to Gold Smuggling Under the Aquino Admin


The Philippines allegedly lost around P200-Billion from the year 2005-2015 due to gold smuggling under the Aquino administration according to the latest data gathered by veteran columnist Rigoberto Tiglao.



Based upon the data gathered by Tiglao from UN Comtrade, or the United Nations International Trade Statistics Database, Hong Kong reported that $5.3 billion of gold were imported from the Philippines from 2005 to 2015.

The Philippine government on their part reported only $1.1 billion exported to Hong Kong in the same period which means a discrepancy of $4.2 billion or 79% of gold value reported by Hong Kong.

By approximates, gold that were smuggled from the Philippines to Hong Kong in terms of peso, amounted to P200-billion and these smuggling problems occurred during the administration of Pres. Benigno S. Aquino III.


According to Tiglao, the mining industry's claims of its contribution to the economy aren't all correct, among other reasons, because of one important phenomenon: There has been massive smuggling of gold not only because of corrupt bureaucracy, but because of our borders in Mindanao, a major mining area, are so porous.

The data shared by Tiglao on his latest column for The Manila Times also showed that gold smuggling started in 2005, but rose to huge amounts during the administration of former Pres. Aquino, when more than two dozen Chinese companies rushed into the gold mining industry in the country. Aquino’s Liberal Party and its 2016 candidate Mar Roxas were known to be close to several miners, and were very supportive of the mining industry.

Mar Roxas, during the 2016 national election, used a lot of the helicopters and small planes of Eric Gutierrez, the owner of San Roque Metals (SRMI), one of the largest mining firms in the country. Congressman Edgar Erice, the LP spokesman, was also for a time SRMI’s chairman. 


During the Aquino admin, allegedly the country's precious metal gold, is being stolen, and this is possible because we are a weak state, we are unable to stop it. That's the core problem we face in the mining industry according to Tiglao.

Read More about the Expose of Columnist Rigoberto Tiglao by heading to the official website of The Manila Times

Source: The Manila Times



Philippines Lost P200-Billion from 2005-2015 Due to Gold Smuggling Under the Aquino Admin Philippines Lost P200-Billion from 2005-2015 Due to Gold Smuggling Under the Aquino Admin Reviewed by Phil Newsome on 2/23/2017 Rating: 5

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