The Presidential Anti-Smuggling Group (PASG) and the Bangko Sentral ng Pilipinas (BSP) are set to investigate officials and employees of some commercial banks believed to be members of an international syndicate behind the foiled smuggling of P300 million worth of coins out of the country.
PASG chief Undersecretary Antonio Villar Jr. ordered his staff to coordinate with BSP officials for a joint investigation on the syndicate believed to be behind the attempted smuggling of coins to South Korea.
The National Bureau of Investigation (NBI) component of the PASG under Head Agent Ross Bautista has already made representation with South Korean authorities to help PASG identify the South Korean principals of the syndicate.
PASG operatives last month foiled an attempt to smuggle out of the country P300 million worth of P1 coins with the seizure of a 40-foot container van containing 17 tons of coins.
The van was intercepted inside the Asian Terminal Inc.(ATI) premises at the Port of Manila based on intelligence reports that it contains items misdeclared as scrap metals consigned to Amphibian Metals and bound for Pusan, South Korea.
He explained that a P1 coin contains 75 percent copper and 25 percent nickel; a P10 coin contains 92 percent copper content and six percent aluminum; and a P5 peso coin has 70 percent copper, 24.5 percent zinc and 5.5 percent nickel.
He said the coins would have been melted and recycled for use in the manufacture of electronics spare parts.
Investigation revealed the bulk of the seized P1 coins came from some commercial banks through the help of some bank employees believed to be members of the syndicate run by South Koreans.
Villar wants to identify the local contacts of the syndicate to find out if it was able to smuggle out of the country more P1 coins in the past.
BSP is currently doing an inventory to determine if there is a shortage of P1 coins. The BSP has reportedly formed a team to help the PASG in the investigation.
Villar said those involved in the smuggling attempt will be charged for economic sabotage and for violations of Article 164 (mutilations of coins) and Article 165 (illegal selling of Philippine coins).