Heavy smuggling try: 17 tons of P1 coins

The Presidential Anti-Smuggling Group (PASG) has foiled an attempt to smuggle out of the country P300 million worth of Philippine one-peso coins with the seizure of a 40-foot shipping container with 17 tons of coins.

PASG chief Antonio Villar Jr. said the van was intercepted inside the Asian Terminals Inc. premises in the Port of Manila based on intelligence reports that it contained items “misdeclared” as scrap metal consigned to Amphibian Metals bound for Busan, Korea.

“This is another evidence 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.

He said those involved in the smuggling attempt would be charged with economic sabotage and violation of Article 164 (mutilation of coins) and Article 165 (illegal selling of Philippine coins).

The perpetuators are also criminally liable for technical smuggling under the Tariff and Customs Code of the Philippines, he added.

Villar explained that a one-peso coin contains 75 percent copper and 25 percent nickel; a 10-peso coin, 92 percent copper and six percent aluminum; and a five-peso coin, 70 percent copper, 24.5 percent zinc and 5.5 percent nickel. The coins would have been melted and recycled.