MB OKs amendments on currencies transfer
THE Bangko Sentral ng Pilipinas (BSP) announced the Monetary Board approval of further amendments to the rules on cross-border transfer of currencies, allowing international travelers to accomplish the new currencies declaration form (CDF) online.
In a statement issued by the BSP over the weekend, the central bank said the amendments will offer “convenience” to declarants and provide faster, more efficient and timely capture of data on physical cross-border transfer of currencies.
Under the amendment, the BSP has issued a new CDF, which replaces the Foreign Currency and Other Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form.
The new CDF also 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 CDF:
(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 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 CDF;
(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 BSP said.