BANGKO SENTRAL NG PILIPINAS (BSP) ADVISORY ON THE CROSS BORDER TRANSFER OF LOCAL AND FOREIGN CURRENCIES

By: Embassy of the Republic of the Philippines, Seoul

The Embassy of the Republic of the Philippines in Seoul informs Philippine residents and non-residents of the advisory issued by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) on 16 July 2018 regarding BSP regulations on the Cross-Border Transfer of Local and Foreign Currencies.

For local currency, any individual (either Philippine resident or non-resident) 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 of PHP50,000 only for the following purposes:

1. For testing/ calibration of money counting/ sorting machines; and
2. For numismatics (collectors of currency)/ educational purposes

For 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 and bonds) that may be brought into or taken out of the Philippines.

However, 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 at the arrival/departure areas of all international airports and seaports in the Philippines. END