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.
