BRINGING IN OR TAKING OUT OF PHILIPPINE AND FOREIGN CURRENCIES DURING ARRIVAL IN OR DEPARTURE FROM THE PHILIPPINES

Bangko Sentral ng Pilipinas (BSP) Circular No. 308 series of 2001 dated 15 November 2001 as amended by Circular No. 507 dated 19 January 2006 (on foreign currency notes/coins/other monetary instruments) and Section 4 of Central Bank Circular No. 1389 dated 13 April 1993, as amended by BSP Circular No. 98 dated 11 December 1995 (on Philippine currency/notes/coins/other monetary instruments), as follows:

            “Any person bringing foreign currency and other foreign exchange-denominated bearer negotiable monetary instruments  in or out of the Philippines in excess of US$10,000 or its equivalent, must accomplish a Declaration Form which may be obtained from, and after accomplishment submitted to, the Customs Desk in the Arrival or Departure Areas.  Failure to do so is subject to sanctions.

            “Also, the bringing in or out of the country of legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos in an amount exceeding P10,000 without authorization by the Bangko Sentral ng Pilipinas is prohibited”.

            “Other foreign-exchange-denominated bearer monetary instruments” shall refer to the following foreign exchange-denominated instruments in bearer form whereby title thereto passes to another by endorsement, assignment or delivery: travelers’ checks, other checks, drafts, notes, money orders, bonds, deposit certificates, securities, commercial papers, trust certificates, custodial receipts, deposit substitute instruments, trading orders, transaction tickets and confirmation of sale/investment.

Pedro O. Chan, Consul-General
Jesusa Susana V. Paez, Consul
Edna May Grecia-Lazaro, Consul