The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved further amendments to foreign exchange regulations to allow international travelers to accomplish the currency declaration forms online to provide faster, more efficient and timely capture of data on physical cross-border transfer of currencies.
It also issued a new currency declaration form that replaces the foreign currency and other foreign exchange-denominated bearer monetary instruments declaration form and consolidates the data requirements of the Bureau of Customs, the Anti-Money Laundering Council and the BSP.
Any person bringing into or taking out of the Philippines 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 $10,000.00 or their equivalent is required to declare the whole amount using the prescribed currency declaration form.
Other amendments include the clarification on the allowable purposes for cross-border transfer of local currency in excess of the peso limit and declaration under oath, which is a requirement of the Customs.
“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 BSP said.
The implementing circular will take effect 30 calendar days after its publication.
The BSP earlier amended the foreign exchange rules to ease access to foreign exchange for trade and non-trade current account transactions and support digital payment transactions.
It said the further amendments to FX regulations aimed to promote greater ease in the use of FX resources of the banking system and further streamline or simplify procedures and documentary requirements for FX transactions.