Recognizing the urgent need to address this issue, the Fight Illicit Trade and the Federation of Philippine Industries have joined forces to organize a National Anti-Illicit Trade Summit at the Manila Hotel. This summit aims to facilitate collaboration between government regulators and the private sector in order to save the Philippine economy and put an end to illicit trade.Illicit trade inflicts significant damage on the Philippine economy in various ways.
Fake medicines, in particular, pose a serious threat to public health. They often contain incorrect ingredients, rendering them ineffective or even harmful. The consumption of such counterfeit drugs can lead to treatment failures, drug resistance, and, in extreme cases, fatalities. Protecting consumers from these hazardous products should be a top priority for the government and private sector.
Addressing illicit trade requires a multi-faceted approach involving robust legislation, effective enforcement, public awareness campaigns, and international cooperation. By working together, stakeholders can disrupt illicit trade networks, restore fair competition, protect public health, and ensure a prosperous future for the Philippines. It is essential that all sectors unite to “Save the Philippine economy and stop illicit trade” for the benefit of the nation and its citizens.a.
b. Economic exploitation: Illicit trade drives up the prices of genuine products by flooding the market with cheap counterfeit alternatives. Consumers who unknowingly purchase counterfeit goods may face financial losses due to the inferior quality and shorter lifespan of these products. c. Public awareness and education: The summit emphasizes the importance of raising public awareness about the risks associated with counterfeit goods and fake medicines. Educating consumers about the telltale signs of illicit trade can empower them to make informed choices and avoid potentially harmful products.