Notice on Cross-border transfer of local currency (Philippine Peso)
The Philippine Embassy in Beijing informs the public that the Monetary Board of the Philippines has amended Section 4 of the Manual on Foreign Exchange Transactions, which covers cross-border transfer of local currency (Philippine Peso).
Under the amended Regulations, any person traveling to or from the Philippines may now bring into or take out a maximum of Fifty Thousand Pesos (PHP 50,000) without the need for prior authorization from the Bangko Sentral ng Pilipinas (BSP) / Central Bank of the Philippines. Cross-border transfer of amounts exceeding PHP 50,000 will require BSP authorization.
Below is an excerpt from Monetary Board Circular No. 922 Series of 2016 :
Local Currency. A person may import or export, or bring with him into or take out of the country, or electronically transfer, legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in Pesos against banks operating in the Philippines in an amount not exceeding PHP50,000 without prior authorization from the BSP. Amounts in excess of said limit shall require prior written authorization from the BSP.
The term “electronic transfer” as used herein shall mean a system where the authority to debit or credit an account (bank, business or individual) is provided by wire, with or without a source document being mailed to evidence the authority.
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