MANILA, Philippines – Illicit financial flows into and out of the Philippines reached $410.5 billion in a 52-year period, a study by US-based research group Global Financial Integrity (GFI) showed.
The study, titled “Illicit Financial Flows to and from the Philippines: A Study in Dynamic Simulation, 1960-2011,” showed that illicit financial outflows from the Philippines reached $132.9 billion, while illicit inflows amounted to $277.6 billion.
International financial crime expert and GFI managing director Tom Cardamone said the outflow and inflow of illegal money “drain billions of dollars from the official Philippine economy.”
The study is authored by GFI chief economist Dev Kar and GFI junior economist Brian Le Blanc.
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