15 Mar, 2019 by Jill VirayCMO-14-2019-Applicable-Exchange-Rate-for-Assessment-Purposes1
Dear Valued Customers,
Please see attached memorandum from Bureau of Customs (BOC) with subject Applicable Exchange Rate for Assessment Purposes.
The objectives of the Customs Memorandum Order (CMO) No. 14-2019 is to consolidate all issuances relating to the applicable exchange rate for the assessment purposes and to establish a uniform application of conversion rates in harmony with the computerization program of the Bureau.
Under CMO 14-2019 are the rules and procedures of the applicable exchange rate as follow:
1. The Exchange Rate officially disseminated to the public by the Bangko Sentral ng Pilipinas each Friday shall be the exchange rate to be adopted the following day, Saturday and up to Friday of the following week.
2. In the event that there is no officially published exchange rate on a Friday, the latest rate published by BSP to that Friday shall apply.
3. In the computation of duties and taxes, the prevailing exchange rate for the week on the date of entry lodgment shall be the basis in the computation of duties and taxes of a particular shipment for Consumption and Warehousing entries.
4. Foreign currencies shall be converted directly to Philippine Pesos.
For your information and proper guidance.
Thank you very much.