Advisory: Cross-border Transfer of Local and Foreign Currencies
Bangko Sentral ng Pilipinas (BSP) Public Advisory on BSP Regulations on Bringing of Legal Tender Local and Foreign Currencies into or out of the Philippines a
07.16.2018
Local Currency
Any individual (either Philippine residents or non-residents) is allowed to bring into or take out of the Philippines up to PHP50,000 without prior written authorization from the BSP.
In excess of this amount, prior BSP written authorization should be secured. The BSP allows cross-border transfer of local currency in excess of the limit only for the following purposes:
- For testing/calibration of money counting/sorting machines; and
- For numismatics (collectors of currency)/educational purposes.
Foreign Currency
There is no quantitative restriction as to the amount of foreign currency as well as other foreign currency-denominated bearer monetary instruments (such as travelers’ checks, other checks, drafts, notes, money orders, bonds) that may be brought into or taken out of the country.
But if the amount exceeds US$10,000 or its equivalent in other foreign currency, this must be declared in writing (with information on the source and purpose of the transport of such currency or monetary instrument) using the Bureau of Customs’ (BOC) prescribed Foreign Currency and Other Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form. The BOC declaration form is available at the BOC desk in the arrival/departure areas of all international airports and seaports in the Philippines.
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a Source: Section 4 of the BSP Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended. The FX Manual and its attachments may be downloaded from the BSP website using these links:
http://www.bsp.gov.ph/downloads/Regulations/MORFXT/MORFXT.pdf and http://www.bsp.gov.ph/downloads/Regulations/MORFXT/MORFXT-faas.zip.
