BANGKO SENTRAL NG PILIPINAS (BSP) PUBLIC ADVISORY ON BRINGING OF PHILIPPINE PESOS AND FOREIGN CURRENCIES INTO OR OUT OF THE PHILIPPINES
The Bangko Sentral ng Pilipinas (BSP) has issued the following advisory on cross-border transfer of local and foreign currencies:
1. Philippine Pesos (including legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines):
Any individual (either Philippine residents or non-residents) is allowed to bring into or take out of the Philippines up to Php 50,000 without prior written authorization from the BSP.
In excess of this amount, prior BSP written authorization should be secured. A letter-request for authority to transport amounts in excess of the threshold must be submitted to the BSP, through the International Operations Department at Room 301, BSP Complex A. Mabini Street, Malate, Manila. The BSP allows cross-border transfer of local currency in excess of the limit only for the following purposes:
a. For testing/calibration of money counting/sorting machines; and
b. For numismatics (collectors of currency) / educational purposes.
2. Foreign Currency and other foreign currency-denominated bearer instruments:
There is no quantitative restriction as to the amount of foreign currency as well as other foreign currency-denominated bearer monetary instruments (e.g., traveler's checks, other checks, drafts, notes, money orders, bonds) that may be brought into or taken out of the country.
However, if the amount exceeds US$10,000 or its equivalent in other foreign currency, this must be declared in writing (with information on the source and purpose of the transport of such currency or monetary instrument) using the Bureau of Customs’ (BOC) prescribed Foreign Currency and Other Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form. The BOC declaration form is available at the BOC desk in the arrival/departure areas of all international airports and seaports in the Philippines.