BOC reminds travelers: Carrying amounts over ₱50,000 should be 'declared'

The Bureau of Customs (BOC) on Saturday issued a reminder to travelers about existing policies on bringing in and taking out Philippine and foreign currencies.

In an advisory, the BOC said that, under current regulations, travelers are allowed to carry foreign currency, including cash and similar travel funds. 

“However, when the total amount exceeds $10,000 or its equivalent in other foreign currencies, the full amount must be declared to the BOC upon arrival or departure,” the Customs said. 

The declaration may be accomplished through the “e-Travel System” prior to travel or at designated BOC counters at airports and seaports, it said.

Meanwhile, for travelers bringing in or taking out Philippine currency, a person is allowed to carry a maximum P50,000 “without need of prior approval.”

The BOC said that any amount exceeding the threshold would require a written authorization from the Bangko Sentral ng Pilipinas (BSP) and must be properly declared to the BOC. 

“It may be noted, however, that requests for BSP authorization must be filed prior to departure from the country of origin and may be authorized by the BSP only for numismatics purposes, currency awareness (e.g. museums, exhibits and literary materials) and testing, calibration and configuration of money counting/sorting machines,” it said.

“This rule applies to Philippine banknotes, coins, checks, and other peso-denominated forms of money,” it added.

The Customs said Philippine currency carried in excess of the P50,000-limit without the proper authorization shall be subject to confiscation.

The bureau said the reminder was issued to ensure smooth and transparent processing at all ports of entry and exit across the country.

The BOC, moreover, advised travelers to complete their Customs and currency declarations through the e-Travel platform prior to arrival or departure to facilitate faster processing. 

“These rules have long been in place to promote transparency and protect both the travelling public and the integrity of our financial system. Declaring currency is a standard procedure and does not prevent travelers from carrying lawful amounts of cash. Our goal is to make the process clear, consistent, and convenient for everyone,” said Customs Commissioner Ariel Nepomuceno. —VAL, GMA Integrated News