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Bangko Sentral ng Pilipinas

bsp.gov.ph

About Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (BSP) is a central bank. It is based in Manila, Philippines.

Headquarters Location

A. Mabini St. cor. P. Ocampo St.

Manila, 1004,

Philippines

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Latest Bangko Sentral ng Pilipinas News

Philippines: Bangko Sentral Ng Pilipinas Revised The Rules On Cross-Border Transfer Of Local And Foreign Currencies - Napiere Abueg Ragsac & Partners

Jan 30, 2024

BANGKO SENTRAL NG PILIPINAS RULES ON CROSS-BORDERTRANSFER OF LOCAL AND FOREIGN CURRENCIES Do you intend of bringing local or foreign currency into or outof the Philippines? There are regulations that should be observedas to how much a person can legally bring into or out of thePhilippines. The Bangko Sentral ng Pilipinas (BSP) provides rules oncross-border transfer of local and foreign currencies. A. Local Currency Pursuant to BSP Manual of Regulations, a person may import orexport, or bring into or take out of the Philippines, orelectronically transfer, legal tender Philippine notes and coins,checks, money order and other bills of exchange drawn in pesosagainst banks operating in the Philippines in an amount notexceeding Fifty Thousand Pesos (Php 50,000) without priorauthorization by the BSP. Amounts in excess of aforementioned limit shall require: (a)prior written authorization from the BSP; and (b) in case ofphysical cross-border transfer of Philippine currency, declarationof the whole amount brought into or taken out of the Philippinesusing the prescribed Currencies Declaration Form. For this purpose, the term "electronic transfer" meansa system where the authority to debit or credit an account (bank,business or individual) is provided by wire, with or without asource document being mailed to evidence the authority. B. Foreign Currency Under the BSP regulation, any person, who brings into or takesout of the Philippines a foreign currency, as well as other foreigncurrency-denominated bearer monetary instruments, in excess ofUSD10,000 or its equivalent is required to declare the whole amountbrought into or taken out of the Philippines using the prescribedCurrencies Declaration Form. As defined in the BSP regulation, "other foreigncurrency-denominated bearer monetary instruments" shall referto the following foreign exchange-denominated instruments in bearerform whereby title thereto passes to another by endorsement,assignment or delivery: traveler's checks, other checks,drafts, notes, money orders, bonds, deposit certificates,securities, commercial papers, trust certificates, custodialreceipts, deposit substitute instruments, trading orders,transaction tickets and confirmation of sale/investment. The Currencies Declaration Form is available at the Bureau ofCustoms desk in the arrival/departure areas of all internationalairports and seaports in the Philippines. It may also be downloadedfrom the BSP website. The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances. AUTHOR(S)

Bangko Sentral ng Pilipinas Frequently Asked Questions (FAQ)

  • Where is Bangko Sentral ng Pilipinas's headquarters?

    Bangko Sentral ng Pilipinas's headquarters is located at A. Mabini St., Manila.

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