Effective July 6, the exchange rate officially disseminated to the public by the Bangko Sentral ng Pilipinas (BSP) each Wednesday will be the basis for computing custom duties and taxes, according to the Bureau of Customs (BOC).
The exchange rate published by BSP on Wednesdays will be the one adopted the following day up to Wednesday of the following week, said Dennis Vladimir Reyes, Management Information System and Technology Group (MISTG) deputy commissioner, in a memorandum dated June 27.
The memorandum is pursuant to Customs Memorandum Order (CMO) No. 15-2016 dated June 7 that amends CMO 14-2002, which stated that the exchange rate published by BSP on Fridays should be the adopted exchange rate for the succeeding days.
“In the event that there is no officially published exchanged rate on a Wednesday, the latest rate published by BSP prior to that Wednesday shall apply,” CMO 15-2016 adds.
MISTG is responsible for obtaining the exchange rate from BSP and publishing it through a BOC memorandum circular.
As a standard procedure, the prevailing exchange rate for the week that the date of entry is lodged becomes the basis for computing the duties and taxes of a particular shipment for consumption and warehousing entries.
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