The Bangko Sentral ng Pilipinas (BSP) has given its support for the implementation of the eTravel Customs System as it reminds traveling Filipinos to comply with the foreign exchange (FX) rules on the cross-border transfer of currencies which has a limit of $10,000.

The central bank issued a statement Monday, June 3, as it calls for the efficient roll-out of the eTravel Customs System in all international airports.

The BSP said all arriving and departing travelers will fill-out the electronic Customs Baggage Declaration Form (e-CBDF) and electronic Currencies Declaration Form (e-CDF) via the eTravel website at https://etravel.gov.ph/ or by downloading the eGovPH application within 72 hours prior to arrival into or departure from the Philippines.

“The BSP would also like to remind the general public on the strict implementation of the following rules on cross-border transfer of currencies” as provided under Section 4 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual) of the central bank.

These are as follows: any person, who brings into or takes out of the Philippines foreign currency, in excess of $10,000 or its equivalent in other foreign currencies is required to declare the whole amount brought into or taken out of the Philippines using the e-CDF; and for Philippine currency, a person may bring into or take out of the Philippines an amount not exceeding P50,000.

The BSP said amounts in excess of the limit will require: prior written authorization from the BSP; and declaration of the whole amount brought into or taken out of the Philippines in the e-CDF.

“The BSP, however, allows cross-border transfer of local currency in excess of the limit only for the following purposes: testing/calibration/configuration of money counting/sorting machines; numismatics (collection of currency); and currency awareness,” it further explained.

In addition, the BSP on Monday said it “urges all travelers to fully comply with these requirements to ensure seamless international travel clearance.”

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

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.

Amending the FX rules from time to time ensure that it remains appropriate to the needs of a dynamic and expanding local economy. Updating FX rules will also support regional integration with regional and global markets, and enhance data capture on FX transactions.