‘Anti-money laundering policy hurting tourism’

International airlines and travel agencies have urged the Bureau of Customs and the Bangko Sentral ng Pilipinas (BSP) to reconsider its policy of confiscating large amounts of money from passengers of arriving international flights for failing to declare cash they are bringing into the country.

They warned that the implementation of a BSP regulation requiring passengers to declare local and foreign currency exceeding P10,000 or its equivalent in foreign currency may drive moneyed foreign tourists away.

"We should be welcoming these moneyed tourists into our country instead of confiscating their money at the airport just because of non-declaration," an airport insider who requested not to be named, told The STAR.

"They’re such a pity. They come here to our country and then we only take their money upon arriving here at the airport."

The source pointed out that the BSP and BOC should also reconsider the P10,000 ceiling that would require declaration. "If they really want to guard against money laundering, then they should at least increase the P10,000 ceiling."

The source pointed out that many foreign tourists bring large amounts of money when touring a country to anticipate unforeseen spending.

"It would be better if tourists bring in more dollars or yen to raise the tourism industry. Why should they discourage tourists from bringing money with them into our country. In fact, we should encourage to spend their money here."

Last week Customs officials confiscated P900,000 from a Japanese tourist from Nagoya, Japan, upon his arrival at the Ninoy Aquino International Airport because he failed to declare it. Nightclub owner Toshimi Fukuta, 56, was allowed to enter the country, however.

Explaining the incident, Tess Roque, BOC-NAIA deputy collector for passengers services, stressed that the BOC-NAIA was strictly implementing a BSP regulation against money laundering as required by the Anti-Money Laundering Law.

https://www.philstar.com/metro/2007/01/20/380848/145anti-money-laundering-policy-hurting-tourism146