BSP reminds public about rules on cross-border transfer of currencies

Bangko Sentral ng Pilipinas (BSP) (Photo By patrickroque01/Wikimedia Commons, CC BY-SA 4.0)

MANILA – The Bangko Sentral ng Pilipinas (BSP) on Monday expressed support to the eTravel Customs System but reminded the public about the rules on cross-border transfer of currencies.

The eTravel Customs System enables all arriving and departing travelers to fill out the electronic Customs Baggage Declaration Form (e-CBDF) and electronic Currencies Declaration Form (e-CDF) using the eTravel website or by downloading the eGovPH application within 72 hours before arrival into or departure from the Philippines.

In a statement, the BSP said under Section of the Manual of Regulations on Foreign Exchange Transactions, any person who brings into or takes out of the Philippines foreign currency, in excess of USD10,000 or its equivalent in other foreign currencies is required to declare the whole amount brought into or taken out of the Philippines using the e-CDF.

“For Philippine currency, a person may bring into or take out of the Philippines an amount not exceeding PHP50,000,” the BSP said.

The BSP said amounts in excess of the limit shall require prior written authorization from the BSP and declaration of the whole amount brought into or taken out of the Philippines in the e-CDF.

“The BSP, however, allows cross-border transfer of local currency in excess of the limit only for the following purposes: testing/calibration/configuration of money counting/sorting machines; numismatics or collection of currency; and currency awareness,” it said.

The BSP urged all travelers to fully comply with these requirements to ensure seamless international travel clearance.