Gold Trade in Philippines Controlled by Smugglers

Officials in the Philippines estimate that up to 95 percent of the gold trade in the country is controlled by black market smugglers. The rise in the smuggling of gold is attributed to the 7 percent tax rate on gold sales levied by the Central Bank starting in 2011.

Source:  Daxim L. Lucas, “Smugglers now control 95% of Philippine gold trade,” Inquirer, November 19, 2012.