18 May 2016 – The Philippine Consulate General in Dubai and the Northern Emirates wishes to inform all Filipinos of the rules of the Bangko Sentral ng Pilipinas (BSP) on bringing Philippine peso and/or foreign currencies into or out of the Philippines:
- For Philippine pesos (which include legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines):
- A person may bring into or out of the Philippines or electronically transfer Philippine pesos not exceeding Php 10,000 without prior approval from the BSP;
- For amounts in excess of Php 10,000, prior BSP authorization is required.
- For foreign currency and other foreign-currency-denominated bearer instruments:
- A person bringing in or taking out of the Philippines in excess of USD 10,000 or its equivalent in other currencies shall declare the same in writing using the Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form. The form is available at the Bureau of Customs desk at the arrival/departure areas of international airports and seaports. It may also be downloaded from the BSP website (Annex K of the Manual of Regulations on Foreign Exchange Transactions).
- The above rules are applicable to a child traveling with his/her parent/guardian provided that :
- The child is physically present with the parent/guardian upon Customs inspection;
- The total amount allocated per person, inclusive of the allotment for the child/children, should not average more than Php 10,000; and
- Allocation of the pesos or foreign currency is explained to the authorities by the parent/guardian.
Attached is a copy of Frequently Asked Questions (FAQ) regarding Foreign Exchange Regulations of the BSP. END