Manila: The Bureau of Customs (BOC) has issued a reminder to travelers about the existing policies regarding the transport of Philippine and foreign currencies. This announcement was made on Saturday as a reinforcement of the current regulations in place to ensure compliance and transparency.
According to Philippines News Agency, travelers are permitted to carry foreign currency, including cash and similar travel funds. However, if the total amount exceeds USD10,000 or its equivalent in other foreign currencies, it must be declared to the BOC upon arrival or departure. This declaration process can be completed through the e-Travel system before travel or at designated BOC counters located at airports and seaports.
In terms of Philippine currency, individuals may bring in or take out up to PHP50,000 per person without needing prior approval. For amounts surpassing this limit, travelers must obtain written authorization from the Bangko Sentral ng Pilipinas (BSP) and declare the excess amount to the BOC. Requests for such authorization should be filed before departing from the country of origin. The BSP may grant permission for specific purposes, such as numismatics, currency awareness, and testing or calibration of money counting/sorting machines. This regulation covers all forms of Philippine money, including banknotes, coins, and checks.
The BOC emphasized that any amounts exceeding the PHP50,000 limit without proper authorization are subject to confiscation. BOC Commissioner Ariel Nepomuceno explained that the policy aims to guide travelers rather than burden them. "These rules have long been in place to promote transparency and protect both the traveling public and the integrity of our financial system. Declaring currency is a standard procedure and does not prevent travelers from carrying lawful amounts of cash. Our goal is to make the process clear, consistent, and convenient for everyone," he stated.
Additionally, the BOC urged travelers to use the e-Travel platform to complete their Customs and currency declarations in advance, ensuring a more efficient processing experience.
