Mighty Corp. is open to 24/7 close monitoring” of the trading practices

In the midst of calls for a “24/7 close monitoring” of the trading practices of Mighty Corporation by the Bureau of Customs (BOC)  and  its mother agency, the Department of Finance (DOF), the company has assured the public that they are open to such suggestions.

The Bulacan-based cigarette manufacturer is reacting on the statement issued by Jesus Lim Arranza, Chair of the 800-member Federation of Philippine Industries (FPI) who said that such moves would be best not only for the BOC and the DOF but also for Mighty Corp, producer of low-cost cigaretters.

Aranza said, “For the government, the move would prevent further revenue leakages while its investigation of Mighty’s business practices is ongoing, and for the cigarette firm, a chance to prove its innocence in the serious allegations it is facing.

He also commended the customs bureau for suspending Mighty’s license to operate a bonded warehouse through a memorandum issued last January 16 where Customs Commissioner John Phillip Sevilla directed Mario Mendoza, district collector at the Port of Manila, to immediately implement the suspension order to prevent revenue leakages while the company’s trade practices were under investigation.

However, Mighty Corp. Executive Vice President Oscar Barrientos explained that the suspension order did not cover the firm’s regular importation for the domestic market. “Nothing has changed and until such time that we receive the final report of the task force, it will be business as usual,” He said.

Barrientos addes,“The company will continue to cooperate with the authorities pending the full and final results of the inquiry being undertaken by Task Force Mighty Corp. We will address allegations at the appropriate time as soon as we receive the final report on the findings.”

In earlier reports, Mighty Corporation has also assured the government that they will cooperate with government in every way it can. The Wongchuking family-owned company has expressed their willingness to be investigated by government that may include examining its books along with its competitors to ensure proper compliance of all tobacco industry players with the new Sin Tax Law.

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