No permit or permition is required to bring in or take out currency from the Philippines. However, foreign currency in excess of $10,000 carried by the traveler must be declared at the Bureau of Customs Desk in the airport. This is pursuant to the Anti-Money Laundering Act of 2001, which requires all money transactions involving amounts in excess of 400,000 peso’s to be reported to the Anti-Money Laundering Council (even if the transaction is done through the banks).
Travelers arriving in the Philippines must submit to the Bureau of Customs Desk in the airport Arrival Area a Declaration Form stating the amount (foreign currency in excess of $10,000.00) being brought in.
Travelers departing the Philippines must submit to the Bureau of Customs Desk in the airport Departure Area a Declaration Form stating the amount of (foreign currency in excess of $10,000.00) to be taken out of the Philippines. The source of the money (e.g., personal income) must be stated.
BRINGING IN AND TAKING OUT OF THE PHILIPPINES PHILIPPINE CURRENCY IN EXCESS OF PHP10,000
The taking in and bringing out of Philippines currency in excess of 10,000 peso’s is strictly prohibited, and any reason to carry any currency in excess of the that amount must be given authorization by the Bangko Sentral ng Pilipinas (BSP) International Operations Department, Room 301, 5-Storey Building, BSP Complex A. Mabini Street, Malate Manila, Tel. No. (+632) 708-7107 and Fax No. (+632) 306-3091.