Commodity

Commodity Details

For Imports

Regulating Agencies

Legal Basis

• BSP’s Manual of Regulations on Foreign Exchange (FX Manual) – BSP’s Manual of Regulations on Foreign Exchange (FX Manual)
• Manual of Regulations on Foreign Exchange Transactions issued under Circular No. 645 (13 February 2009) – Manual of Regulations on Foreign Exchange Transactions issued under Circular No. 645 (13 February 2009), (As amended by Circular Nos. 794 dated 18 April 2013, 874 dated 8 April 2015 and 922 dated 23 August 2016)

Permits, Clearances, Certifications

• Prior written authorization from the BSP

Requirements & Procedures

Documentary Requirements

Bangko Sentral ng Pilipinas

Prior written authorization from the BSP, through the International Operations Department (IOD), is required for any person who will bring into or take out of the country, or electronically transfer, legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines in an amount exceeding PHP50,000. The BSP, however, allows cross-border transfer of local currency in excess of the PHP50,000 limit only for the following purposes:

1. testing/calibration/configuration of money counting/sorting machines;
2. numismatics (collection of currency); and
3. currency awareness.

Documentary Requirements

1. Covering letter/request indicating the purpose and details of the request (i.e., information on the breakdown of the amounts, types and quantity of notes and coins); and
2. Supporting documents, as needed, such as valid photo-bearing identification with signature, information on incorporation documents (e.g., Securities and Exchange Commission certificate of registration).

Procedures

Bangko Sentral ng Pilipinas

1. Applicant shall submit above documentary requirements to the BSP prior to importation or exportation/actual travel date/arrival in the Philippines.
2. The BSP will then check the compliance and completeness of the submitted documents and will perform pre-assessment.
3. If the application lacks documents/information, the BSP shall issue an abeyance letter.
4. Otherwise, the BSP shall issue an acknowledgement letter and proceed with the evaluation of the request and issuance to the applicant of a Letter Authority/Advice on the matter.

NTMs

Import Status

Regulated

For Exports

Regulating Agencies

Status

The export of this commodity is currently regulated. Please contact the regulating agency above for export requirements and procedures.

NTMs

1. BSP – Prior Authorization

Tariff Schedules

Visit the Philippine Tariff Commission (TC) through its Philippine Tariff Finder (PTF).

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