Sanyo Seiki were covered by falsified weight declarations

the prevailing market prices of the subject imported products Mr Alvarez said that an informant had tipped the customs on the banker alleged mis declaration, under weighing and undervaluation of Sanyo Seiki's steel imports. Customs validated the information with the Philippine Chamber of Commerce and Industry’s value reference data on the prevailing market prices of the subject imported products.

Mr Alvarez said that Sanyo Seiki declared its numerous steel and stainless steel importations as intended for warehousing purposes, which under certain conditions could be tax free or for local consumption, for which it had to pay duties and taxes.

Mr Gregorio Chavez deputy commissioner of Customs said that "All consumption entries filed by Sanyo Seiki were covered by falsified weight declarations to make it appear that the weight of the imported products was considerably less than what they actually weigh."