QuestionsQuestions (PRESIDENTIAL DECREE NO. 1915)
PD 1915 provides a procedure for the disposition of confiscated, forfeited, or abandoned foreign currencies and foreign exchange instruments, designates the Central Bank of the Philippines (BSP) as sole custodian, and prescribes a penalty for violations.
It must conduct an inventory of the items seized and issue a detailed receipt to the person(s) on whom or in whose possession the items were found; if no person is present, the receipt is left in the place where the items were found in the presence of at least one witness.
Representatives of the Central Bank of the Philippines and the Commission on Audit must be present.
Among others, it must state the amount of foreign currencies or the face value of foreign exchange instruments seized, and the serial numbers of the items, and the number of the receipt issued.
The officers and members of the seizure team must execute a sworn statement describing in detail the facts and circumstances surrounding the seizure; this statement must be transmitted together with the inventory to the BSP and the Commission on Audit.
The law enforcement agency must directly transmit them immediately and not later than twenty-four (24) hours after the inventory.
It designates the BSP as the sole custodian of all foreign currencies and foreign exchange instruments that may be confiscated or forfeited in favor of the Government, or abandoned.
Within forty-eight (48) hours from and after the seizure, if no person claims or admits ownership in writing, the items are deemed abandoned for all legal interests and purposes, and BSP may dispose of them immediately according to existing laws, rules, and regulations.
When a prima facie case is found against the person(s) from whom/in whose possession the items were seized and/or against the person(s) probably responsible for the blackmarketing or smuggling.
The confiscated or forfeited foreign currencies and/or foreign exchange instruments are disposed of by the BSP in accordance with existing laws, circulars, rules, and regulations.
“Dispose” includes authority to invest all or part of the confiscated, forfeited, or abandoned items, or to use them as reserves or as security in the payment of obligations.
Submitting a false or incomplete inventory or statement; without lawful cause failing or refusing to transmit seized items; or otherwise violating one’s duty under the decree—by any public officer/employee or even a private individual.
Prision correctional.
The BSP is authorized to promulgate rules and regulations to implement PD 1915.
It took effect after fifteen (15) days following its publication in the Official Gazette.
No. If the person is absent, the officer must leave the receipt in the place where the seized items were found in the presence of at least one witness.
Yes. Section 4 states that BSP may receive the items notwithstanding any provision of law, rule, or regulation to the contrary, as BSP is designated as sole custodian.