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The E-Sylum:  Volume 9, Number 29, July 16, 2006, Article 14

SMUGGLED PHILIPPINE ONE-PESO COINS SIEZED

According to a July 11 report by Reuters, "Smugglers have tried
to ship out millions of older one-peso coins from the Philippines,
not for their face value of less than 2 U.S. cents each but for
the copper and nickel content as metals prices soar.

The central bank said customs authorities seized a 40-foot container
at the weekend that was loaded with 2-3 million coins, weighing
12.2-18.3 tonnes, bound for Japan. Any export of coins worth more
than 10,000 pesos ($191) must be declared.

It was the latest attempt this year to illegally ship the one-peso
coins minted until 2003, after seizures of about 400,000 pieces in
May and 1 million pieces in February, central bank Deputy Governor
Armando Suratos told Reuters Tuesday."

To read the complete article, see: Full Story

  Wayne Homren, Editor

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