Something I learned from a Client today....
Since most construction meetings eventually end up with 20mins or so of small business talk, I learn a lot of insider info about various business my clients are involved in.
Yesterday, a client was explaining the "economics" behind the cheap goods that are being dumped here from China. Apparently they are a product of money laundering activities of corrupt local officials in China. Instead of receiving bribes, local Chinese officials receive goods which in turn are shipped to the Philippines at zero cost. Yes, zero.
The officials just get a "commission" from the sale of such goods. Since corruption is punishable by death in China, the Chinese officials ask the local traders to deposit the money in accounts here in the Philippines as these are protected by the bank secrecy law.
On the bright side, the Condominiums being constructed in Binondo are all sold out inspite of their exorbitant prices. I don't need to tell you who are buying....
Yesterday, a client was explaining the "economics" behind the cheap goods that are being dumped here from China. Apparently they are a product of money laundering activities of corrupt local officials in China. Instead of receiving bribes, local Chinese officials receive goods which in turn are shipped to the Philippines at zero cost. Yes, zero.
The officials just get a "commission" from the sale of such goods. Since corruption is punishable by death in China, the Chinese officials ask the local traders to deposit the money in accounts here in the Philippines as these are protected by the bank secrecy law.
On the bright side, the Condominiums being constructed in Binondo are all sold out inspite of their exorbitant prices. I don't need to tell you who are buying....