1. For Philippine pesos (which include legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines):

     a. A person may bring into or out of the Philippines or electronically transfer Philippine pesos not exceeding PHP10,000 wihtout prior approval from the Bangko Sentral ng Pilipinas (BSP).

     b. For amounts in excess of PHP10,000, prior BSP authorization is required.

2. For foreign currency and other foreign-currency-denominated bearer instruments:

     a. A person bringing in or taking out of the Philippines in excess of US$10,000 or its equivalent in other currencies shall declare the same in writing using the Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form. The form is available at the Bureau of Customs desk at the arrival/departure areas of International airports and seasports. It may also be downloaded from the BSP website.

3. The above rules are applicable to a child traveling with his/her parent/guardian provided that (a) the child is physically present with the parent/guardian upon Customs inspection; (b) the total amount allocated per person, inclusive of the allotment for the child/children, should not average more than PHP10,000; and (c) allocation of the pesos or foreign currency is explained to the authorities by the parent/guradian. 

Frequently Asked Questions on Foreign Exchange Regulations