BOC says it has seized P33M worth of currencies since 2020

More than P33 million worth of local and foreign currencies have been seized by the Bureau of Customs since 2020.

The BOC said P33,128,870.00 in various currencies were seized since then, according to the July 14 report of the Intelligence Group-Customs Intelligence and Investigation Service (IG-CIIS).

The currencies seized originated from Malaysia, Singapore, Japan, and the US, particularly North Carolina, New Jersey, Tennessee, Colorado, and California.

These were found in passengers' baggage or in parcel shipments misdeclared as personal documents, correspondence, magazines and books.

The BOC said travelers need to secure prior written authorization from the Bangko Sentral ng Pilipinas to transport local currency exceeding P50,000.

Meanwhile, any amount in excess of US$10,000 or its equivalent in other currencies need to be declared to the Bureau of Customs using the prescribed Customs Baggage Declaration Form and Foreign Currency Declaration Form.

"The seized currencies were subjected to seizure and forfeiture proceedings in violation of Sections 1400 (Misdeclaration) and 1113 of R.A. No. 10863 (CMTA) in relation to the R.A. 7653 (New Central Bank Act) and BSP Foreign Exchange Transaction Manual," the BOC said. —KG, GMA News