The exchange rate officially disseminated to the public by the Bangko Sentral ng Pilipinas (BSP) each Friday shall now be the exchange rate to be adopted by the Bureau of Customs (BOC) for assessment of duties and taxes.
The Friday exchange rate will be applicable from Saturday and up to Friday of the following week, according to Customs Memorandum Order (CMO) No. 14-2019 signed by Customs commissioner Rey Leonardo Guerrero on March 8.
Previously, BOC was adopting the Wednesday exchange rate published by BSP.
If there is no officially published exchange rate on a Friday, the latest rate published by BSP prior to that Friday shall apply.
In computing the duties and taxes, the prevailing exchange rate for the week on the date of entry lodgment shall be the basis for computing the duties and taxes of a particular shipment for consumption and warehousing entries.
Foreign currencies shall be converted directly to Philippine peso.
CMO 14-2019 was issued to establish a uniform application of conversion rates in harmony with the computerization program of BOC. It also consolidates all issuances on the applicable exchange rate for assessment purposes. CMO 14-2019 repeals CMOs 24-95, 24-95-A, 24-95-B, and 14-2002.
The bureau’s Assessment and Operations Coordinating Group (AOCG) shall have the responsibility of obtaining the officially published exchange rate from BSP either by electronic means through BSP’s website or by messenger.
BOC’s Management Information System and Technology Group (MISTG) shall then download the officially published exchange rate to the Automated Customs Operating System or ACOS. AOCG will then draft and sign an appropriate customs memorandum circular (CMC) for dissemination. Disseminating the CMCs covering the exchange rate shall be the primary responsibility of BOC’s Central Records Management Division with the assistance of MISTG.
