THE House of Representatives on Wednesday approved on third and final reading a measure that defines and penalizes the act of bulk foreign currency smuggling for any person found concealing through fraud, willful misdeclaration or other means the amount exceeding $10,000 when arriving or leaving any point of entry in the Philippines.
With a vote of 266, lawmakers approved House Bill (HB) No. 8200 or the “Anti-Bulk Foreign Currency Smuggling Act,” which also mandates the Bureau of Customs as the lead agency in implementing the provisions of the bill.
“The measure is aimed at preserving the integrity of the country’s monetary system. It also ensures that the Philippines will not be used as a transport point for money laundering. We will not allow our
points of entry, like our ports and airports, to be used for any part of unlawful activities,” Speaker Martin G. Romualdez, the leader of the 312-member House of Representatives, declared.
Some of the principal author of the measure include Reps. Joey Sarte Salceda, Lex Anthony Cris Colada, Marissa “Del Mar” Magsino, Gus Tambunting, Ray Reyes, France Castro, and Manuel Jose Dalipe.
To prevent bulk foreign currency smuggling, HB 8200 mandates the enforcement of a written or electronic declaration system for the physical cross-border transfer of foreign currency and other foreign currency-denominated bearer monetary instruments into and out of the Philippines.
If a person carries with him an amount that exceeds $10,000 or its equivalent in other currency, he or she has to make a written or electronic declaration form that contains the following: personal
information of the person transporting foreign currency; details of travel, including arrival or departure date; legal capacity in which the person filing the declaration is acting; information on the owner
or sender, including that of the recipient, of the foreign currency; information on the foreign currency being transported; and additional information as may be required under the rules and regulations to be issued to implement this Act.
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