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Bringing currency into or out of the Philippines, new limits

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ABCDeVil:

--- Quote from: Lee on January 23, 2017, 10:56:51 PM ---It does seem a bit troubling and I have to wonder if this is a new scheme to part some of us with our money, should we do a large amount transfer of pesos after the date the new law started Sept 15, 2016.

I too have transferred larger amounts over the years but in dollars, therefore I think we are safe as they are referring to pesos. When they refer to foreign currency they say "bring" and "carry"

--- End quote ---

They also refer to "electronic transfer". Not all of the wording from the regulation is written in the topic. But the P50k limit, suggests to me, that any amount, whether it be US, AUS, Euro etc, that exceeds the P50k, could potentially be targeted. How they will police this, still remains to be seen. Be careful folks.

ABC

gregpinton:
Reading from the following document.

https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/

It is good that they increased the limits, and i am guilty of stashing excess Peso notes down my sock a few times on leaving the Philippines, but i still don't understand why the amounts are so different, they let you bring $10,000 in US currency (or equivalent in other currencies) but only 50,000 in Pesos.

Peter:

--- Quote from: gregpinton on December 11, 2018, 12:20:11 PM ---Reading from the following document.

https://www.philippine-embassy.org.sg/the-philippines-2/bringing-currency-into-the-philippines/

It is good that they increased the limits, and i am guilty of stashing excess Peso notes down my sock a few times on leaving the Philippines, but i still don't understand why the amounts are so different, they let you bring $10,000 in US currency (or equivalent in other currencies) but only 50,000 in Pesos.

--- End quote ---

Greg.

The BSP want to control how many (how much?) "physical" Peso notes are outside the country.

Also, having to declare anything in excess of 50,000 (approx US$1,000 today) should/will allow the BIR to check if a Filipino or resident business entity, has paid taxes on the dosh! (Everybody sing, "It's one for you, 19 for me! Tax Man!")


Peter

gregpinton:
Thanks Peter, so we just take cash in and out in $ notes rather than Peso.

We here in Aust can leave the country with up to $10k in cash before declaring it, so this will be ok to take into the Philippines.

Peter:

--- Quote from: gregpinton on December 11, 2018, 10:55:14 PM ---Thanks Peter, so we just take cash in and out in $ notes rather than Peso.

We here in Aust can leave the country with up to $10k in cash before declaring it, so this will be ok to take into the Philippines.

--- End quote ---

That's what we do/did. US$ are the easiest to exchange I have found, especially in the "Provinces".

As long as you don't have more than US$9,999 or the equivalent, in cash, you don't have to declare it on arrival in the Philippines. i was told that 9,999 is OK, but 10,000 must be declared. Others may have a different experience.

One thing that came up some years ago was (and I don't know if it still is current, so you may have to check) the 10,000 limit was total for all family members travelling together. They classed "together" as when the tickets were paid for with the same credit/debit card, or with cash at the ticket issuing travel agency, at the same time. With the introduction of etravel itineraries showing multi-ticketed passengers, things may have changed.

i only take 4 or 5,000 in Peso cash when we leave here on holiday. That's just enough to cover any unexpected ex's, to get home, if we return and it's at "dark o'clock" in CRK or NAIA. (CRK parking charge, flat battery etc. etc.)

Peter

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