Global Financial Integrity (GFI) said a record high of $25.8 billion came into the Southeast Asian, archipelago nation illegally in 2011, the most recent year for which data was available. (GFI report: r.reuters.com/buv56v)
That was up from $22.9 billion in 2010, marking back-to-back years of record illicit inflows. About $14.2 billion of illicit inflows was reported for 2009, the study said.
These illicit inflows are typically the result of under-reported merchandise that is shipped into the country, said GFI economist Brian LeBlanc, one of the report's authors.
"This is mostly importers trying to avoid VAT taxes or import tariffs," LeBlanc said. "Customs corruption is a huge issue in the Philippines," he said. Full story
