BANGKO SENTRAL NG PILIPINAS RULES ON CROSS-BORDER TRANSFER OF LOCAL AND FOREIGN CURRENCIES

 

Do you intend of bringing local or foreign currency into or out of the Philippines? There are regulations that should be observed as to how much a person can legally bring into or out of the Philippines.

 

The Bangko Sentral ng Pilipinas (BSP) provides rules on cross-border transfer of local and foreign currencies.

 

A. Local Currency

 

Pursuant to BSP Manual of Regulations, a person may import or export, or bring into or take out of the Philippines, 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 Fifty Thousand Pesos (Php 50,000) without prior authorization by the BSP.

 

Amounts in excess of aforementioned limit shall require: (a) prior written authorization from the BSP; and (b) in case of physical cross-border transfer of Philippine currency, declaration of the whole amount brought into or taken out of the Philippines using the prescribed Currencies Declaration Form.

 

For this purpose, the term “electronic transfer” means a system where the authority to debit or credit an account (bank, business or individual) is provided by wire, with or without a source document being mailed to evidence the authority.

 

B. Foreign Currency

 

Under the BSP regulation, any person, who brings into or takes out of the Philippines a foreign currency, as well as other foreign currency-denominated bearer monetary instruments, in excess of USD10,000 or its equivalent is required to declare the whole amount brought into or taken out of the Philippines using the prescribed Currencies Declaration Form.

 

As defined in the BSP regulation, “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: traveler’s 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 Currencies Declaration Form is available at the Bureau of Customs desk in the arrival/departure areas of all international airports and seaports in the Philippines. It may also be downloaded from the BSP website.