Philippine Central Bank Amends Rules on Cross-Border Transfer of Local and Foreign Currencies
The Bangko Sentral ng Pilipinas (BSP) has amended the Manual of Regulations on Foreign Exchange Transactions (FX Manual, issued under Circular No. 645 dated 13 February 2009, as amended) with Circular No. 1146, Series of 2022.
The Circular sets new threshold limits in the importation and exportation of local and foreign currencies.
Legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines may be brought in or taken out of the Philippines in an amount not exceeding PHP 50,000 without prior authorization by the BSP. Any amount above the set limit shall require (a) prior written authorization from the BSPI; and (b) in case of physical cross-border transfer of Philippine currency, declaration of the whole amount brought into or taken out of the Philippines using the prescribed Currencies Declaration Form.
Foreign currency amounting to USD 10,000 and below, on the other hand, that is brought in or taken out of the Philippines does not need to be declared. However any amount which exceeds the USD 10,000 limit, is required to be declared in the whole amount using the prescribed Currencies Declaration Form.
The Circular was issued on May 26, 2022 and is set to take effect after 30 calendar days from its publication either in the Official Gazette or in a newspaper of general circulation in the Philippines.
The full issuance can be accessed here.