OFW
BSP said if the amount exceeds US $ 10,000 or its equivalent in other foreign currency , this must be declared in writing . The person bringing in the amount must give information on the source and purpose of the 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
Credits : bsp . gov . ph
BSP , BOC issue new policy on cross -border transfer of legal tender
By : Gen Verdejo
O verseas Filipino workers and travelers must observe new policies on import and export of legal tender be it local and foreign currencies into or out of the Philippines , to avoid seizure by the Bureau of Customs ( BOC ).
The Bangko Sentral ng Pilipinas ( BSP ) Public Advisory showed there was no quantitative restriction as to the amount of foreign currency as well as other foreign currency-denominated bearer monetary instruments such as travelers ’ checks , other checks , drafts , notes , money orders , bonds that may be brought into or taken out of the country .
BSP said if the amount exceeds US $ 10,000 or its equivalent in other foreign currency , this must be declared in writing . The person bringing in the amount must give information on the source and purpose of the 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 .
BOC said a person may bring into or take out of the Philippines foreign currency , as well as other foreign currency – denominated bearer money instruments , in an amount not more than $ 10,000 or its equivalent . The person can still import or export an amount exceeding $ 10,000 , provided that such foreign currency will be declared in writing the information on source and purpose of the transport of such monetary instrument .
The BOC declaration form is available at the BOC desk in the arrival / departure areas of all international airports and seaports in the Philippines .
For the local currency , BSP said any individual , either Philippine residents or non-residents is allowed to bring into or take out of the Philippines up to P50,000 without prior written authorization from the BSP .
But , in excess of this amount , prior BSP written authorization should be secured .
The BSP regulation 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 . BOC for its part said , if a person imports or exports more than P50,000 without BSP written authorization , the local currency brought in or intended to be taken out will be seized and forfeited . www . bsp . gov . ph www . boc . gov . ph
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