May 07 2015

Print this Post

Taking Currency In or Out of the Philippines

How much money can you carry going into or out of the Philippines

Philippine Pesos:

A maximum of PhP10,000 is allowed to be taken out of or brought into the Philippines. Any figure above that amount must be authorised in advance by the Central Bank of theh Philippines (Bangko Sentral ng Pilipinas)

March 2015 Section 14 of Rules on Foreign Exchange at the PDF at www.bsp.gov.ph

14. Can a person bring in or take out of the country any amount of Philippine currency?
A person may, without prior BSP approval, import or export, or bring in or take out of the country, or electronically transfer, legal tender Philippine notes and coins, checks, money orders or other bills of exchange drawn in pesos against banks operating in the Philippines in amounts not exceeding P10,000.00. Prior authorization from the BSP, through the International Operations Department (IOD), is required for the export and import of Philippine currency exceeding P10,000

Foreign Currency

An amount not exceeding US$10,000 can be taken into the Philippines without any conditions, but any amount OVER that figure must be stated on the Declaration Form normally given on the airplane for visitors by air.
There is no restriction on the money itself, and this declaration is similar to most other countries who have a similar reporting requirement. Failure to report may result in forfeiture, as again applies in many other countries.

March 2015 Section 15 of Rules on Foreign Exchange at the PDF at www.bsp.gov.ph

15. Is there any restriction or limit in the amount of foreign currency that a person may bring in or take out of the Philippines?
There is no restriction or limit on the amount of foreign currency that a person may bring in or take out of the Philippines. However, any person bringing in or taking out of the Philippines foreign currency, as well as other FX-denominated bearer monetary instruments, (whereby title thereto passes to another by endorsement, assignment or delivery), in excess of US$10,000.00 or its equivalent in other foreign currency must declare such fact in writing and furnish information on the source and purpose of the transport of such currency or monetary instruments using the prescribed Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form. The form is available at the Bureau of Customs desk in the arrival/departure areas of all international airports and seaports.
Failure to do so shall subject the violator to sanctions, including confiscation of the foreign
currency or monetary instruments involved.

Customs Declaration Form



(Post Rating: 68 - 1 - 759,455)

Permanent link to this article: http://www.in-philippines.com/taking-currency-in-or-out-of-the-philippines/

Leave a Reply to this Posting, but no links please.