MANILA, Philippines — The Bureau of Customs (BOC) has issued a stern reminder to both local and international travelers to strictly observe Philippine currency declaration laws to ensure a smooth and hassle-free journey through the country’s ports.
According to Customs Commissioner Ariel Nepomuceno, these regulations are not intended to restrict the movement of lawful cash but are standard procedures designed to protect the integrity of the financial system and promote transparency.
Key Guidelines for Travelers:
- Foreign Currency: * There is no limit on how much foreign currency you can bring into or out of the Philippines.
- However, if the total amount exceeds US$10,000 (or its equivalent in other currencies), the full amount must be declared to the BOC.
- Declarations can be made upon arrival or departure at designated BOC desks or via the e-Travel platform within 72 hours before travel.
- Philippine Peso: * Travelers are allowed to bring in or take out up to ₱50,000 without prior approval.
- Any amount exceeding ₱50,000 requires prior written authorization from the Bangko Sentral ng Pilipinas (BSP).
- Failure to provide BSP authorization for excess pesos will result in the confiscation of the money by customs authorities.
BSP Authorization Requirements:
The BOC clarified that BSP approval is not granted for general spending. Authorization is typically only issued for specific purposes, such as:
- Numismatics (currency collection or study).
- Currency Awareness (exhibits, museums, or literary materials).
- Technical Testing (calibration and configuration of money-counting or sorting machines).
Travelers are encouraged to use the electronic Customs Baggage Declaration Form (e-CBDF) and Currencies Declaration Form (e-CDF) on the government’s official e-Travel website to speed up their processing time at the airport.