BOC MEMORANDUM ORDER NO. 24-95

: The main purpose is to simplify the rules and procedures for the computation of duties and taxes by adopting a standardized exchange rate for assessment purposes.
: It took effect on September 15, 1995.
: The exchange rate disseminated each Friday by the Central Bank shall be adopted for the following day (Saturday) and the following week (Monday to Friday).
: Foreign currencies are converted directly into Philippine Pesos.
: The old practice of converting foreign currencies first into U.S. dollars before converting into Philippine Pesos was revoked.
: It standardizes and simplifies the determination of exchange rates used for duties and taxes, making the process more consistent and aligned with the Central Bank's published rates.
: It is used starting Saturday and continued throughout the following week from Monday to Friday.
: No, the memorandum mandates the exclusive use of the exchange rate disseminated by the Central Bank every Friday.
: The computerization program of the Bureau of Customs is mentioned as a reason for the changes to simplify rules for duties and taxes computation.