Friday, August 29, 2008 17 tons of peso coins seized
THE Presidential Anti-Smuggling Group (PASG) on Thursday confiscated a 40-foot container van containing 17 tons of peso coins amounting to P300 million.
PASG Chief Antonio Villar Jr. said the van was intercepted at the Asian Terminal, Inc. based in Manila Port following intelligence reports that the coins are being smuggled to Pusan.
Villar said coins, declared as scrap metals, were consigned to Amphibian Metals.
He said a charge of economic sabotage in violation of Article 164 (mutilations of coins) and Article 165 (illegal selling of Philippine coins) and technical smuggling under the Tariff and Customs Code of the Philippines would be slapped against the company.
"This is another proof that rampant smuggling in the country also involves the illegal export of goods, including Philippine coins, which could easily be prevented with the strict implementation of the country's customs laws," Villar said.
Villar explained that the peso coins are being smuggled because the P1 coin is 75 percent copper and 25 percent nickel, while the P10 peso coin contains 92 percent copper and six percent aluminum.
A five peso coin, on the other hand, is 70 percent copper, 24.5 percent zinc and 5.5 percent nickel. (JMR/Sunnex)
