BSP reminds travellers not to bring more than P10,000 abroad

Posted at 11/13/12 4:47 PM

MANILA, Philippines - Before you head for a vacation abroad, make sure you don't bring more than P10,000 worth of Philippine peso notes and coins.

The Bangko Sentral ng Pilipinas (BSP) on Tuesday  reminded travellers to and from the Philippines, including residents, that they cannot bring more than P10,000 in Philippine notes, coins, checks and money orders.

On top of the limit on Philippine pesos, a traveller can bring dollars or any other foreign currency. However, the amount of foreign currency notes and checks should not exceed $10,000.

"For business/pleasure trips to the Philippines, travellers are advised to bring in foreign exchange, which may freely and easily be converted to pesos with authorized agent banks, foreign exchange corporations and money changers," the BSP said.

An authorization from the BSP is needed for those who have to bring more currency.

Any excess amount not covered by BSP authorization may be subject to confiscation by the Bureau of Customs.