The Monetary Board has approved further amendments to foreign exchange regulations to allow international travelers to accomplish the currencies declaration form online.

These amendments will offer convenience to declarants and provide faster, more efficient, and timely capture of data on physical cross-border transfer of currencies.

Moreover, the BSP issued a new currencies declaration form, which replaces the Foreign Currency and Other Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form and consolidates the data requirements of the Bureau of Customs (BOC), the Anti-Money Laundering Council and the BSP.

The following are the amendments to the FX regulations embodied in the new currencies declaration form: (a) requirements that any person bringing into or taking out of the Philippines legal tender Philippine notes and coins, checks, money order and other bills of exchange in excess of P50,000.00 and foreign currencies or other foreign currency-denominated bearer monetary instruments in excess of $10,000 or its equivalent to declare the whole amount using the prescribed currencies declaration form; (b) clarification on the allowable purposes for cross-border transfer of local currency in excess of the peso limit; and (c) declaration under oath, which is a requirement of the BOC.

These reforms are part of the BSP’s commitment to strengthen compliance with policy on cross-border transfer of currencies and to integrate digital technology into BSP’s processes.

The implementing circular will take effect 30 calendar days after its publication. BSP