Central Bank issues new rules in transport of currency

More than $10,000 must be declared at border

A money changer inspects U.S. dollar bills at a currency exchange in Manila January 15, 2014.  (MNS photo)

A money changer inspects U.S. dollar bills at a currency exchange in Manila January 15, 2014. (MNS photo)

Please be advised that the Bangko Sentral ng Pilipinas (BSP)’s current policies on cross border transport of local and foreign currency as contained in Section 4 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended, now stand, as follows:

Local Currency

No person may import or export nor bring 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 PHP 10,000 without authorization by the BSP.

Foreign Currency

Any person who brings into or takes out of the Philippines foreign currency as well as other foreign currency-denominated bearer monetary instruments, in excess of USD 10,000 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 (Annex K of the FX Manual).

A special authority to bring in or take out of the country Philippine legal tender currency in excess of the PHP 10,000 limit is issued by the BSP upon request and only for numismatic purposes and testing machines.

A copy of the FX Manual and its corresponding appendices and annexes may be accessed at the following links:

http://www.bsp.gov.ph/downloads/Regulations/MORFXT/MORFXT.pdf

Also a link of  BSP’s proposed advisory on the matter and a flyer on the “Frequently Asked Questions on Foreign Exchange Regulations.”

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