BOC reiterates rules in currency, financial instruments

IN an effort to continue protecting the interest of the general public and the government, the Bureau of Customs (BOC) reiterated the existing guidelines on the importation and exportation of currencies, monetary instruments, money order, checks, and other bills of exchange.

In a statement, the BOC explained that under the existing laws, no person may import or export, or bring with him into or take out of the country, or electronically transfer, legal Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks in the Philippines in an amount exceeding P50,000.00, without prior authorization from the Bangko Sentral ng Pilipinas (BSP).

The P50,000.00 cap is based on BSP Circular No. 922, Series of 2016.

On the other hand, any person bringing into or taking out foreign currency, as well as other foreign currency-denominated bearer monetary instruments such as checks, drafts, notes, money orders, bonds, deposit certificates, securities, commercial papers, trust certificates, custodial receipts, deposit substitute instruments, trading orders, transaction tickets, and confirmation of sale/investment, in excess of US$10,000 or its equivalent amount must declare the same through accomplishing a Foreign Currency Declaration Form (FCDF), based on BSP Circular No. 308, Series of 2001, as amended by Circular No. 507, Series of 2006.

The FCDF may be obtained from a Customs Officer at the arrival or departure areas of the country’s airports or it can be downloaded directly from the BSP website.

Failure to comply with the foregoing laws shall subject the violator to sanctions under the RA 10365 otherwise known as “An Act Further Strengthening the Anti-Money Laundering Law” and RA 10863 or the “Customs Modernization and Tariff Act,” including confiscation of the foreign currency, or monetary instrument involved, the BOC added.