NOTICE TO ALL FILIPINOS
BSP REGULATIONS ON BRINGING OF LOCAL AND FOREIGN CURRENCIES INTO OR OUT OF THE PHILIPPINES
The Philippine Consulate General in Chongqing informs the Filipino communities in Chongqing Municipality, Yunnan, Guizhou and Sichuan Provinces, that the Bangko Sentral ng Pilipinas (BSP) issued a public advisory as follows:
Local Currency
Any individual (either Philippine or non-residents) is allowed to bring into or take out of the Philippines up to Php 50,000 without prior authorization from BSP. In excess of this amount, prior BSP written authorization should be secured. BSP allows cross-border transfer of local currency in excess of the limit only for the following purposes:
- For testing/calibration of money counting/sorting machines; and
- For numismatics (collectors of currency)/educational purposes.
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 traveler’s checks, other checks, drafts, notes, money orders, bonds) that may be brought into or taken out of the country. But 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 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 in the arrival/departure areas of all international airports and seaports in the Philippines.