How much Currency can you take in or out of the Philippines
Most people know that there is a limit of US$10,000 or equivalent for money to be carried in or out of the Philippines. It is a similar figure in most countries.
However, what about Travellers Cheques or Philippine Pesos?
How much in Philippine currency can you take in or out of the Philippines
Circular No. 922 Series of 2016 23rd November 2016 Increase from Php 10,000 to Php 50,000
The DFA wishes to inform the public that the Monetary Board of the Bangko Sentral ng Pilipinas has approved the issuance of Circular No. 922 Series of 2016 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.
This is part of the continuing efforts to ensure that regulations are attuned to the need of providing greater flexibility to travelers to and from the Philippines. The new policy became effective on 15 September 2016. www.dfa.gov.ph
Prior to 2016 the figure was just 10,000 pesos, enough to last you a day or two when you arrive.
How much in Travellors Cheques can you take in or out of the Philippines
The answer to this appears to vary, depending on what part of the Philippine Government you listen to…. Or more appropriately as to whether you have got on the plane yet.
If you read a Philippine Consulate website you see this:
Residents and Non-residents: local currency (Philippine Peso-PHP): up to PHP 10,000.-. Exceeding amounts require an authorisation from the Central Bank of the Philippines. foreign currencies : up to USD 10,000.-, or its equivalent. Amounts exceeding USD 10,000.-, or its equivalent must be declared.
Note: Only banknotes and coins, which are legal tender must be declared (travelers checks, credit cards etc. are exempt from declaration requirement).
So you think… Hmm travelers checks are exempt. That’s good.
But, then you are on the plane and you get the “Customs Declaration Form” which says:
3: Are you carrying foreign currency or other foreign exchange denominated bearer negotiable monetary instruments (including travelers checks in excess of US$10,000 or its equivalent?
So, which is right ? Well it is too late now. You have to fill in the “Customs Declaration Form”, or argue with Philippine Customs..
Play it safe is often best.
From the Philippines Consulate in Canada
then the form to fill in on the Plane:
From the Philippines Department of Finance: Bureau of Customs, 2015