Advisory: Amendment of the Rules on Cross-Border Transfer of Local Currency

As part of the continuing efforts of the Bangko Sentral ng Pilipinas (BSP) to keep its regulations attuned to the needs of the country’s growing economy including providing greater flexibility to travelers to and from the Philippines, we are pleased to advise that the Monetary Board has approved the issuance of Circular No. 922 Series of 2016 (copy attached) increasing from PhP 10,000.00 to PhP 50,000.00 the amount of legal tender Philippine currency that may be imported/brought in and/or exported/brought out of the country physically or electronically without prior authorization from the BSP.  The new policy became effective on 15 September 2016.