Mactan-cebu: The Bureau of Customs (BOC) reported the recent confiscation of undeclared Philippine currency amounting to PHP5.6 million from a Japanese passenger at the Mactan-Cebu International Airport (MCIA).
According to Philippines News Agency, Port of Cebu District Collector, lawyer Felipe Geoffrey De Vera, highlighted that under Customs Memorandum Order (CMO) No. 17-2023, travelers carrying more than PHP50,000 in Philippine currency must secure written authorization from the Bangko Sentral ng Pilipinas (BSP). Due to a lack of such clearance, only PHP50,000 was returned to the passenger, while the excess amount of PHP5.550 million was confiscated.
De Vera further mentioned that all related documents, including declaration forms and attachments, have been sent to the BOC-Anti-Money Laundering Council (AMLC) Technical Working Group in Manila for further investigation. This procedure is part of a broader effort to tighten the nation's defenses against money laundering and illicit financial flows.
The Office of the Commissioner (OCOM) had previously issued Memorandum No. 31-2023 on strict monitoring of currencies and Memorandum No. 58-2023 on the mandatory use of multi-currency counting and printing machines for verification. Commissioner Ariel Nepomuceno emphasized the broader significance of this operation, stating that it goes beyond compliance, focusing on protecting the nation from the risks associated with unregulated currency movements.
'The bureau remains steadfast in its role of safeguarding the country's economic security,' Nepomuceno asserted, reflecting the BOC's commitment to the economic safety of the nation.
