The Bangko Sentral ng Pilipinas (BSP) is reminding travellers to/from the Philippines (both residents and non-residents) that under Section 4 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual) issued by the Bangko Sentral, a person may without prior BSP approval, bring into, import or electronically transfer legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines in an amount not exceeding PHP10,000.00. Any excess amount not covered by specific written authorization from BSP is subject to confiscation by the Bureau of Customs (BOC).
The BSP clarified that in general, cross-border transfer of local currency in excess of the limit is allowed for limited purposes only, typically for testing/calibration of money counting/sorting machines and in small amounts for numismatics. For business/pleasure trips to the Philippines, travellers are advised to bring in foreign exchange which may freely and easily be converted to pesos with authorized agent banks, their subsidiary/affiliate foreign exchange corporations, as well as money changers.
To view full article, please visit :http://www.bsp.gov.ph/publications/media.asp?id=3043
Article lifted from: Bangko Sentral ng Pilipinas, November 14, 2012