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Rules
on carrying travel funds
By Ignacio
R. Bunye
August 16, 2010
Ever
wondered how much money you could
bring while on travel abroad? Apparently,
there are rules on how much money
in pesos or in foreign currency you
can bring outside (and inside) the
country.
According
to the Bangko Sentral ng Pilipinas,
a person may import or export, bring
in or take out of the country, or
electronically transfer legal tender
Philippine notes and coins, checks,
money orders, or other bills of exchange
drawn in pesos against banks operating
in the Philippines in amounts not
exceeding P10,000. This means that
a person can bring outside the country
P10,000 without any prior approval
from the central monetary authority.
He can also freely bring the same
amount back to the Philippines.
Prior
authorization from the BSP is required
for the export or import of Philippine
currency exceeding P10,000.
Travelers
should course their application for
a permit through the BSP’s International
Sub-Sector (ISS), headed by Managing
Director Wilhelmina Mañalac.
But
not everyone can actually get this
permit, according to the ISS International
Operations Department. There are only
a few special cases in which the IOD
has allowed the exit of more than
the prescribed amount from the country.
Companies
and individuals who could prove to
the IOD that they will be bringing
out Philippine money only for numismatic
or collection purposes could merit
a permit. A coin company based in
Hong Kong was recently given a permit
to import from the Philippines 12,000
pieces of P20 (worth P240,000) to
be displayed as memorabilia at the
Shanghai World Expo.
The
IOD also issues permits to banks that
need bills to test their newly constructed
ATM machines abroad. However, the
IOD clarified that these bills should
be returned to the BSP after the testing
period.
According
to the BSP’s Center for Monetary
and Financial Policy, headed by Director
Francisco Dakila Jr., the peso’s
status in the international market
is the main reason behind this restriction.
The CMFP pointed out that unlike the
US dollar, the Japanese yen, or the
euro, the peso is not internationalized.
This
means that the peso is not used for
international trade or as payment
for foreign loans and investments,
the CMFP said.
Another
reason behind the restriction is the
BSP’s need to monitor the money
supply in the country in pursuit of
its primary objective of “promoting
price stability conducive to a balanced
and sustainable growth of the economy.”
With
regard to foreign currency, there
is no restriction or limit on the
amount that a person may bring in
or take out of the Philippines. However,
the BSP has clarified that any person
bringing in or taking out of the Philippines
foreign currency in excess of US$10,000
or its equivalent must declare such
fact in writing.
The
individual should also provide information
on the source of the money and the
purpose of the transport of such currency
using the prescribed Foreign Currency
and Other Foreign Exchangement Denominated
Bearer Monetary Instruments Declaration
Form.
The
form is available at the Bureau of
Customs desk in the arrival/departure
areas of all international airports
and seaports.
Failure
to do so shall subject the violator
to sanctions, including confiscation
of the foreign currency involved.
Note:
You may email us at
totingbunye2000@gmail.com.
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