The port of Subic may be losing almost P5 billion a year in lost revenues due to the undervaluation of incoming agricultural products, Albay Representative Joey Salceda said on Tuesday.
Salceda said the undervaluation appeared to be “most evident” in beef products, in which the average per kilo prices among Subic import arrivals is just 32% of global trading prices.The lawmaker said that he received “credible reports” which suggested that commodities had been “undervalued” at as low as 1/8 of the actual commodity price.Salceda said the estimated losses did not include those lost to “actual smuggling.
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