MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has approved further amendments to foreign exchange regulations to make it easier for international travelers to exchange currencies as the world reopens from strict COVID lockdowns.
BSP Governor Benjamin Diokno said the Monetary Board has issued a resolution approving the amendments to the rules on cross-border transfer of local and foreign currencies.
The changes allow travelers to accomplish new currencies declaration form (CDF) that replaced the foreign currency and other foreign exchange-denominated bearer money instruments declaration form online.
The regulator explained that the new CDF consolidates the data requirements of the Bureau of Customs (BOC), the Anti-Money Laundering Council and the BSP.
“These amendments will offer convenience to declarants and provide faster, more efficient and timely capture of data on physical cross-border transfer of currencies,” the BSP said.
Under the guidelines, a person may import or export, or bring into or take out of the Philippines, 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 P50,000 without prior authorization by the BSP.
Amounts in excess of the limit are required to get a prior written authorization from the BSP and in case of physical cross-border transfer of Philippine currency, declaration of the whole amount brought into or taken out of the Philippines using the prescribed CDF.
Under Circular 1146 issued by Diokno, the central bank amended the requirements that any person bringing into or taking out of the country legal tender Philippine notes and coins, checks, money order and other bills of exchange in excess of P50,000 and foreign currencies or other foreign currency-denominated bearer monetary instruments in excess of $10,000 or its equivalent, must declare the whole amount using the prescribed CDF.
Likewise, the new guidelines clarified the allowable purposes for cross-border transfer of local currency in excess of the peso limit, and required declaration under oath, which is a requirement of the BOC.
“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,” the central bank said.
Source: https://www.philstar.com/business/2022/05/30/2184603/bsp-amends-forex-rules-travelers