AN international drug syndicate, known as "The Company", appears to be behind the shipment of syabu worth 1.088 billion pesos (RM87.3m) intercepted in Valenzuela city.
The Philippine Drug Enforcement Agency (PDEA) seized 160 kilogrammes of the crystal-like substance and arrested two suspects from China on Tuesday, reported Philstar.com.
PDEA chief Wilkins Villanueva said the transnational drug syndicate is reportedly active in Southeast Asia and most of its members are Chinese citizens.
Villanueva said the two suspects, aged 32 and 37, were arrested after PDEA operatives mounted a sting in a warehouse in Barangay Karuhatan on Tuesday.
An initial report from the PDEA estimated the street value of the shabu at P1.1 billion pesos. The agency later clarified in a statement that the illegal drugs are worth 1.088 billion pesos.
Villanueva said they are keeping tabs on other people who are involved in the drug trade in Valenzuela.
Philippine National Police chief General Dionardo Carlos said the suspects are allegedly known drug dealers in Metro Manila, Central Luzon and Calabarzon.
This month alone, the PDEA has confiscated 231.2 kilos of shabu valued at 1.57 billion pesos (RM125m) during anti-narcotics operations nationwide.
Valenzuela Mayor Rex Gatchalian said the warehouse where the drugs were recovered has no business permit as it was registered as a residential area.
Gatchalian has turned over copies of the documents related to the property to the PDEA and the police for investigation.