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Information on Bringing In and Taking Out of Philippine and Foreign Currency Notes/Coins and Other Monetary Instruments

Following are the Bangko Sentral ng Pilipinas (BSP) rules on the bringing in and taking out of Philippine and foreign currency notes/coins and other monetary instruments:

"Any person bringing foreign currency and other foreign exchange-denominated bearer negotiable monetary instruments (including traveler's checks) 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."

The above rules are pursuant to 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 in the case of Philippine currency/notes/coins/other monetary instruments, as per Section 4 of Central Bank Circular No. 1389 dated 13 April 1993, as amended by BSP Circular No. 98 dated 11 December 1995.

These rules and their dissemination to the public concerned have been favorably endorsed by the Executive Director of the Anti-Money Laundering Council.