ADVISORY ON THE AMENDMENTS OF THE RULES ON CROSS-BORDER TRANSFER OF LOCAL (PHILIPPINE) CURRENCY (as of 22 November 2016)

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Recently, the Philippine Bangko Sentral ng Pilipinas (BSP) advised that, pursuant to its objective to provide greater flexibility to travelers to and from the Philippines, the Monetary Board has approved the issuance of Circular No. 922 Series of 2016 "increasing from Php10,000.00 to Php50,000.00 the amount of legal tender Philippine currency that may be imported/ brought in and/ or exported/ brought out of the country physically or electronically without prior authorization from BSP." The new policy became effective on 15 September 2016.

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