Friday, August 29, 2008

Coin smuggling

Smuggling is truly rampant. After the controversial issue on alleged smuggling of second hand luxury cars now comes “coin smuggling”. Recently, the Presidential Anti Smuggling Group (PASG) foiled an attempt to smuggle out of the country P300 million worth of Philippine one peso coins in placed of a 40-footer van containing the 17 tons of coins. It was intercepted inside the Asian Terminal Incorporated (ATI) premises in the port of Manila, declared as scrap materials consigned to Amphibian Metals that are bound to Pusan, Korea.

According to PASG, a one peso coin contain 75 percent copper and 25 percent nickel; while a 10 peso coin contain 92 percent copper content and 6 percent aluminum; and a five peso coin has 70 percent copper, 24.5 percent zinc and 5.5 percent nickel.

Such contents can be used in manufacturing different items like in the field of electronics and this issue will be very alarming to the Bangko Sentral ng Pilipinas as it affects the circulation of the Philippine coins. Strict implementation of custom’s laws is the only way to sabotage different forms of smuggling proliferating in the Philippines.


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