The Bangko Sentral ng Pilipinas (BSP) is reminding travellers to/from the Philippines (both residents and non-residents) that under Section 4 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual) issued by the Bangko Sentral, a person may without prior BSP approval, bring into, import 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 not exceeding PHP10,000.00. Any excess amount not covered by specific written authorization from BSP is subject to confiscation by the Bureau of Customs (BOC).
The BSP clarified that in general, cross-border transfer of local currency in excess of the limit is allowed for limited purposes only, typically for testing/calibration of money counting/sorting machines and in small amounts for numismatics. For business/pleasure trips to the Philippines, travellers are advised to bring in foreign exchange which may freely and easily be converted to pesos with authorized agent banks, their subsidiary/affiliate foreign exchange corporations, as well as money changers.
With respect to foreign currency as well as other foreign currency-denominated bearer monetary instruments in excess of US$10,000 or its equivalent, transport of same (whether into or out of the country) should be declared in writing using the prescribed “Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form”. Other foreign currency-denominated bearer monetary instruments shall refer to the following foreign exchange-denominated instruments in bearer form, whereby title thereto passes to another by endorsement, assignment or delivery: travelers’ checks, other checks, drafts, notes, money orders, bonds, deposit certificates, securities, commercial papers, trust certificates, custodial receipts, deposit substitute instruments, trading orders, transaction tickets and confirmation of sale/investment. The form (copy attached) may be downloaded from http://www.bsp.gov.ph/regulations/regulations.asp?type=1&id=631.
For easy reference of the general public, the FX Manual is posted at the BSP website at http://www.bsp.gov.ph/downloads/Regulations/MORFXT/MORFXT.pdf.