THE BUREAU of Customs (BOC) reminded travelers about the existing policies on the bringing in and taking out of Philippine and foreign currencies.
Under current regulations, travelers are allowed to carry foreign currency, including cash and similar travel funds, according to a news release Saturday.
However, when the total amount exceeds USD10,000 or its equivalent in other foreign currencies, the full amount must be declared to the BOC upon arrival or departure.
The declaration may be accomplished through the e-Travel system prior to travel or at designated BOC counters at airports and seaports.
For Philippine currency, travelers may bring into or take out of the country up to P50,000 per person without prior approval.
Any amount exceeding this limit requires written authorization from the Bangko Sentral ng Pilipinas (BSP) and must be properly declared to the BOC.
Such requests for BSP authorization must be filed prior to departure from the country of origin and may be authorized by the BSP only for numismatics purposes, currency awareness (e.g. museums, exhibits and literary materials), and testing, calibration and configuration of money counting/sorting machines.
This rule applies to Philippine banknotes, coins, checks, and other peso-denominated forms of money.
The BOC said any amounts carried in excess of the P50,000 limit without the proper authorization shall be subject to confiscation.
BOC Commissioner Ariel Nepomuceno said the policy is meant to guide travelers, not burden them.
“These rules have long been in place to promote transparency and protect both the travelling 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 said on February 28.
The BOC encouraged travelers to complete their Customs and currency declarations through the e-Travel platform prior to arrival or departure to facilitate faster processing. (PNA)
