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16/08/2018: BANGKO SENTRAL NG PILIPINAS’ (BSP) PUBLIC ADVISORY ON CROSS-BORDER TRANSFER OF PHILIPPINE AND FOREIGN CURRENCIES

BANGKO SENTRAL NG PILIPINAS’ (BSP) PUBLIC ADVISORY ON CROSS-BORDER TRANSFER OF PHILIPPINE AND FOREIGN CURRENCIES

The Philippine Consulate General in San Francisco informs the public of the following policies of the Bangko Sentral ng Pilipinas (BSP) on cross-border transfer of Philippine and foreign currencies:

  1. Under Section 4.1 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended, a person may import or export, or bring with him 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 not exceeding PHP50,000.00 without prior authorization from BSP.
  2. Amounts in excess of said threshold shall require prior written authorization from the BSP. The client may submit to the BSP, through the International Operations Department (IOD), its letter-request for authority to transport amounts in excess of the threshold. However, the BSP allows transport of Philippine pesos in excess of PHP50,000 only for the following purposes: (a) testing/calibration of money counting/sorting machines to be done abroad; and (b) for numismatics (collectors of currency)/educational purposes.
  3. With regard to the cross-border transfer of foreign currency, there is no restriction or limit on the amount of foreign currency that a person may bring in or take out of the Philippines. Pursuant to Section 4.2 of the FX Manual, cross-border transport of foreign currency, as well as other foreign exchange (FX)-denominated bearer monetary instruments in excess of US$10,000 or its equivalent in other foreign currency must be declared in writing using the Bureau of Customs (BOC) prescribed Foreign Currency and Other FX-denominated Bearer Monetary Instruments Declaration Form which is available at the BOC desk in the arrival/departure area of all international airports and seaports in the Philippines.

For more information, please visit the BSP’s website at www.bsp.gov.ph.