The Bangko Sentral ng Pilipinas (BSP) has approved additional changes in rules on cross-border transfer of foreign currencies and to integrate digital technology in the foreign exchange (FX) for a more streamlined regulation.

Specifically, the amended rules will allow international travelers to accomplish the new currencies declaration form or CDF online. The BSP said these amendments “offer convenience to declarants and provide faster, more efficient, and timely capture of data on physical cross-border transfer of currencies.”

The new CDF replaces the foreign currency and other foreign exchange-denominated bearer monetary instruments declaration form and consolidates the data requirements of the Bureau of Customs (BOC), the Anti-Money Laundering Council and the BSP.

“These reforms are part of the BSP’s commitment to strengthen compliance with policy on cross-border transfer of currencies and to integrate digital technology into BSP’s processes,” said the BSP on Saturday, May 28.

The central bank has been reviewing its policy on the cross-border transfer of local and foreign currencies as well as amendments to other FX regulations such as reporting guidelines, among others.

BSP Circular No. 1146, signed by BSP Governor Benjamin E. Diokno last May 26, simplified the non-trade current account transactions, peso deposit accounts on non-residents and cross-border transfers.

At the moment, the BSP allows a person to “freely bring into or take out” of the country or electronically transfer, up to P50,000.

The BSP also allows a person to carry up to $10,000 or its equivalent in other foreign currencies as travelers’ checks, other checks, drafts, notes, money orders, or bonds.

In excess of the P50,000 limit, an individual will have to get the BSP’s written authorization first to bring into or take out cash or other forms of cash out of the country. If a person has to have an amount that is more than P50,000, it should only be because of these reasons: testing/calibration of money counting/sorting machines; numismatics or collectors of currency; and educational purposes.

Last January, when Diokno first announced their intention to amend the FX rules anew, he said that ongoing reviews on the FX regulatory framework will ensure that it remains appropriate to the needs of “a dynamic and expanding Philippine economy.”

Diokno said that ongoing FX reforms are intended to promote a “vibrant, domestic business activities” as well as to “broaden financing options including through portfolio and risk diversification by investors”.

He said that updating FX rules will also support regional integration with regional and global markets, and enhance data capture on FX transactions.

The BSP since 2007 has approved and completed 12 rounds of FX policy liberalization.