Taking Currency In or Out of The Philippines

Laws on bringing money into the Philippines, and taking it out, need to be looked at from both Philippine Currency and Foreign Currency separately.

No permit is required from the Bangko Sentral Ng Pilipinas to bring in to or to take out from the Philippines of foreign currencies, but money in excess of the limit must be declared, or forfeited.

Authorization by the Bangko Sentral Ng Pilipinas (Bsp), is required for the taking in and bringing out of the Philippines, of Philippine currency in excess of php 50,000.

The anti-money laundering act of 2001 requires all money transactions involving amounts in excess of php 400,000 to be reported to the anti-money laundering council (even if the transaction is done through the banks).

Some people who are caught breaking this law have had the excess money confiscated.

Bringing Foreign Currency into the Philippines

Arriving in the Philippines with Foreign Currency In Excess Of US$10,000

Travelers arriving in the Philippines must submit to the bureau of customs desk in the airport arrival area a declaration form stating the amount (foreign currency in excess of $10,000.00) being brought in. The source of the money (E.G., personal income) must be stated.

If a person wishes to bring more that the equivalent of USD 10,000, a written declaration must be made in the form of the BSP’s “Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form”.

Some websites say that there is no limit, but omit to mention the requirement to declare. eg:

The official rules state:

Rules on Foreign Currency www.bsp.gov.ph/…/faqfxreg.pdf (16 page PDF File. Section 10 and 11 on page 4 are relevant.)

Taking Foreign Currency out of the Philippines

Leaving the Philippines with Foreign Currency In Excess Of US$10,000

Travelers departing the Philippines must submit to the bureau of customs desk in the airport departure area a declaration form stating the amount (foreign currency in excess of $10,000.00) to be brought in or taken out of the philippines. The source of the money (e.G., personal income) must be stated.

Bringing Philippine Currency into the Philippines

Arriving in the Philippines with Philippine Currency In Excess Of Php 50,000

The taking in and bringing out of philippines of philippine currency in excess of php 50,000 is strictly prohibited, and any need to carry any currency in excess of the said amount must be given authorization by the Bangko Sentral Ng Pilipinas (Bsp) Cash Division.

Taking Philippine Currency out of the Philippines

Leaving the Philippines with Philippine Currency In Excess Of Php 50,000

The taking in and bringing out of philippines of philippine currency in excess of php 50,000 is strictly prohibited, and any need to carry any currency in excess of the said amount must be given authorization by the Bangko Sentral Ng Pilipinas (Bsp) Cash Division.

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