The Bureau of Customs (BOC) is reminding arriving and departing travelers against transporting foreign currency exceeding $10,000 and Philippine peso exceeding P50,000 without making the required declaration.
In a statement on Thursday, May 8, the BOC reiterated its stringent enforcement of regulations governing the cross-border transfer of currencies in the Philippines.
The BOC warned that failure to comply with the rules on cross-border currency transfer or providing false information about Philippine or foreign currencies may result in confiscation.
Meanwhile, the BOC detailed the legal procedures for bringing in or taking out foreign and local currencies to ensure regulation compliance.
For those carrying foreign currency exceeding $10,000 or its equivalent, it is mandatory to declare the total amount upon arrival or departure from the Philippines.
This can be done using the electronic Currencies Declaration Form (e-CDF), which can be accessed on the e-Travel website at https://etravel.gov.ph or through the eGovPH application.
Regarding Philippine currency, individuals can bring in or take out an amount not exceeding P50,000.
Any sums exceeding the limit necessitate prior written authorization from the Bangko Sentral ng Pilipinas (BSP) and declaration of the entire amount in the e-CDF.
The BSP, however, permits the cross-border transfer of local currency exceeding the limit only for specific purposes, such as testing/calibration/configuration of money counting/sorting machines, numismatics (currency collection), and currency awareness.
Furthermore, the BOC said that the BSP does not issue written authorization upon arrival or after confiscating excess peso.