Saturday, July 24, 2021
HomeCustoms & TradeBOC blocks smuggling of over P33M in foreign monies since 2020

BOC blocks smuggling of over P33M in foreign monies since 2020

  • The Bureau of Customs foiled attempts to smuggle into the Philippines P33.129 million worth of local and foreign currencies and other monetary instruments from 2020 to July 14, 2021
  • The seized currencies originated from Asian countries such as Malaysia, Singapore and Japan, and from the US
  • The items were stored in pieces of baggage that passengers brought in or sent before or after they arrived, while for parcel shipments, the items were described and misdeclared as personal documents, correspondence, magazines, and books

The Bureau of Customs (BOC) foiled attempts to smuggle in P33.129 million worth of local and foreign currencies and other monetary instruments from 2020 to July 14, 2021.

Based on the report by BOC’s Customs Intelligence and Investigation Service (CIIS), the seized currencies originated from Asian countries such as Malaysia, Singapore and Japan, and from the United States, particularly from North Carolina, New Jersey, Tennessee, Colorado, and California.

The items were stored in pieces of baggage that passengers brought in or were sent before or after they arrived, while for parcel shipments, the items were described and misdeclared as personal documents, correspondence, magazines, and books.

The seized currencies were subjected to seizure and forfeiture proceedings for violation of Sections 1400 (Misdeclaration) and 1113 (Property Subject to Seizure and Forfeiture) of Republic Act (RA) 10863, or the Customs Modernization and Tariff Act, in relation to the RA 7653, or the New Central Bank Act; and the Bangko Sentral ng Pilipinas (BSP) Foreign Exchange Transaction Manual.

BOC reminded the public, particularly travelers, of the Cross-Border Transfer of Local and Foreign Currencies Guidelines under the BSP Manual of Foreign Exchange Transaction.

Under the manual, the traveler, importer or exporter simply needs to secure prior written authorization from BSP to bring in local currency (Philippine peso) exceeding P50,000. For foreign currencies and other monetary instruments exceeding US$10,000 or its equivalent in other currencies, the person should declare the amount using the prescribed Customs Baggage Declaration Form and Foreign Currency Declaration Form.

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