The Bangko Sentral ng Pilipinas (BSP) is reminding travelers arriving and leaving the Philippines to declare in writing foreign currency in excess of US$10,000 which they intend to bring in or out of the country and to provide information on the source and purpose of the transport of such currency. Foreign currency pertains only to banknotes and coins used as legal tender in a foreign country or territory other that the Philippine currency. Demonetized notes and coins and checks denominated in foreign currency including travelers checks are excluded from the coverage.
The BSP issued the regulation in November 2001 in line with the Government's efforts to curb money laundering activities. As early as June 2000, the BSP has adopted anti-money laundering measures to be at par with international practices and enhance the integrity and credibility of the domestic banking system.
The United States as well as Asian countries such as South Korea, Malaysia and the People's Republic of China broadly require similar customs procedures in the transport of foreign currency.