BSP changes foreign exchange rules for travelers

INTERNATIONAL travelers can now complete the new Currency Declaration Form (CDF) online after the central bank updated rules on cross-border currency transfers.

The Bangko Sentral ng Pilipinas (BSP) said in a statement issued over the weekend that it had issued a new CDF which replaces the reporting form for foreign currency and other foreign currency-denominated bearer monetary instruments and combines the requirements in data from the Bureau of Customs (BoC), the Anti-Money Laundering Council and the BSP.

The requirement that anyone bringing into or leaving the Philippines Philippine notes and coins, checks, money orders and other bills of exchange in excess of P50,000 and foreign currency or other monetary instruments into Foreign currency denominated securityholder in an amount greater than $10,000 or its equivalent to report the full amount using the prescribed CDF is one of the amendments to the Foreign Exchange (FX) regulations incorporated into the new CDF.

There are also clarifications on the permitted grounds for cross-border transfers of local currency over the peso limit, as well as the BoC’s requirement of an affidavit.

“These changes will provide more convenience to filers and enable faster, more efficient and timely capture of data on cross-border physical transfer of currency,” the central bank added.

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These improvements, Bangko Sentral said, are part of its determination to improve policy compliance on cross-border currency transfers and integrate digital technology into BSP’s operations.