It’s Your Money > Banking

Bringing currency into or out of the Philippines, new limits

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Since Sept they have increased the amount of pesos you can bring in to p50,000, it used to be p10,000
and as for foreign currency without declaring it, it has remained US $10,000 or the equivalent in other currencies.

I might have taken more than the p10,000 limit when leaving the Philippines a time or two, but of course I don’t recall exactly.

The p50,000 limit is much more realistic, p10,000 is/was a ridiculously low limit.

Wow!  When you read the quote below, I am sure many of us, transfer amounts bigger than P50k, from our foreign bank/institutions, for our living needs. The second sentence states that excess amounts can be confiscated! WTF? How do they police the amounts over P50k, I wonder? I also wonder if they actually do monitor amounts? Just wondering if anyone has had any "excess" confiscated?

"The term “electronic transfer” as used above 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.

Any excess amount not covered by specific written BSP authorization is subject to confiscation by the Philippine Bureau of Customs."


I also find the bit about electronic transfer a tad confusing.  I have in the past 12 months transferred well over PHP5m in 4 separate transactions and never faced any problems.

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"


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