Bill proposes tighter rules for physical transfers of foreign currency

A BILL requiring a written declaration for the cross-border transfer of foreign currencies and monetary instruments higher than USD 10,000 in value is now being tackled by a House panel.

House Ways and Means Committee Chairman Jose Ma. Clemente S. Salceda, under House Bill No. 374, proposed to require those bringing into and out of the Philippines foreign currency and other foreign currency-denominated bearer monetary instruments worth over USD 10,000 to submit a written declaration under oath to help address bulk cash smuggling.

The bill defines bulk cash smuggling as physically transporting in and out of the Philippines foreign currency or monetary instruments worth over USD 200,000, as well as “concealment and transport of or attempt to transport foreign currency and/or foreign currency-denominated bearer monetary instruments in excess of USD 10,000 or its equivalent in other foreign currency into and out of the Philippines with the intent to escape or make false declarations.”

The proposal seeks to require persons or entities involved in the bulk transfer of foreign currencies exceeding USD 10,000 to register with the central bank.

A similar bill was passed by the House of Representatives in the 18th Congress, but did not make it to the Senate.

The committee created a technical working group to improve the bill. — B.M.D. Cruz