New Rules on the Cross Border Transport of Local and Foreign Currency 

The Central Bank of the Philippines issued its new policies on the cross-border transport of local and foreign currency, to wit:

 ·           Local currency

• No person may import or export nor bring with him into or take out of the country, or electronically transfer, legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines in an amount exceeding PHP10,000.00 without authorization by the Philippine Central Bank.

 ·           Foreign currency

• Any person who brings into or takes out of the Philippine foreign currency as well as other foreign currency-denominated bearer monetary instruments, in excess of USD10,000.00 or its equivalent, is required to declare the same in writing and to furnish information on the source and purpose of the transport of such currency or monetary instrument.

A special authority to bring in or take out of the country Philippine legal tender currency in excess of the PHP10,000.00 limit is issued by the Philippine Central Bank upon request and only for numismatic purposes and testing machines.

For further information, please click the following link: Frequently Asked Questions on Foreign Exchange Regulations.

For a copy of the new Philippine Central Bank manual, visit: http://www.bsp.gov.ph/downloads/Regulations/MORFXT/MORFXT.pdf or http://www.bsp.gov.ph/downloads/Regulations/MORFXT/MORFXT.faas.zip. END

9 March 2015