Travelers coming in and going out of the Philippines will now be allowed to carry up to P50k in cash, according to the Bangko Sentral ng Pilipinas (BSP).
The new policy was issued by BSP officer-in- charge Vicente Aquino through Circular 922 series of 2016 announcing the amendment of the rules on cross-border transfer of local currency.
“A person may import or export, or bring with him into or take out of the country, or electronically transfer, legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines in an amount not exceeding P50,000 without prior authorization from the BSP,” according to the BSP chief.
Amounts exceeding the limit would require prior written authorization from the BSP.
The circular will take effect in September 2016.