BOC seized more than P33M-worth of PH, foreign currencies

ON numerous occasions since 2020, the Bureau of Customs (BOC) successfully prevented attempts of currency-smuggling, and seized the subject local and foreign currencies and other monetary instruments amounting to P33,128,870.00, based on the report by the Intelligence Group-Customs Intelligence and Investigation Service (IG-CIIS) of the BOC as of July 14, 2021.

The seized currencies originated from Asian countries such as Malaysia, Singapore, and Japan, and from the United States of America, particularly North Carolina, New Jersey, Tennessee, Colorado, and California.

Prior discovery, the items were stored in pieces of baggage brought by passengers or sent before or after their arrival, while for parcel shipments, the items were described and misdeclared as personal documents, correspondence, magazines, and books.

The BOC reminds the public and travellers on the existing Cross-Border Transfer of Local and Foreign Currencies Guidelines under the Bangko Sentral ng Pilipinas (BSP) Manual of Foreign Exchange Transaction.

The traveller, importer or exporter simply needs to secure prior written authorization from BSP for local currency (Philippine peso) exceeding P50,000. On the other hand, for foreign currencies and other monetary instruments exceeding USD10,000 or its equivalent in other currencies, the person shall declare the amount using the prescribed Customs Baggage Declaration Form and Foreign Currency Declaration Form. /