BOC receives 13 Multi-Currency Bill Counters from Bangko Sentral
The Bureau of Customs headed by Commissioner Rey Leonardo B. Guerrero and Bangko Sentral ng Pilipinas (BSP) headed by Governor Benjamin E. Diokno, convened for a virtual event on the Signing of Memorandum of Agreement for the donation by BSP of 13 units of Multi-Currency Bill Counters to the BOC on August 27, 2021.
The employment of the bill counters to the major ports of entry will ensure the proper examination and validation of local and foreign currencies brought in or taken out by any person. The machines will also supplement the facilitation of cash count and preparation of inventory list and serial number of notes, and the detection of counterfeit currencies.
Furthermore, the customs officers assigned to conduct examination or physical cash count and prepare inventory of such will undergo a three-day training to effectively utilize the 13 bill counters procured and donated by BSP for optimum impact.
The virtual event was also attended by BSP Deputy Governor Dr. Francisco G. Dakila Jr., AMLC Executive Director Atty. Mel Georgie B. Racela, NAIA District Collector Carmelita M. Talusan, and NAIA Deputy Collector for Passenger Service Atty. Ma. Lourdes V. Mangaoang, and other officers from BSP and BOC.
Commissioner Guerrero expressed his appreciation to the BSP headed by Governor Diokno for the invaluable donation which will serve as a major boost to safeguard the integrity of Philippine monetary instrument.
The BOC will continue to be diligent in carrying out the mandate of the Bureau of Customs in strictly implementing laws, rules, and regulations under customs jurisdiction, especially those on cross-border transfer of local and foreign currencies.
Based on existing rules, any person bringing in or taking out Philippine currency in excess of P50,000 shall secure prior written authorization from BSP. 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.
On numerous occasions since 2020, the BOC successfully prevented attempts of currency-smuggling, and seized the subject local and foreign currencies and other monetary instruments amounting to more than P33M.