Easing of rules on taking cash into, out of PH eyed

Anyone planning a major shopping spree overseas using cold, hard cash may soon find it easier to bring money out of the country.

Central bank officials this week said taking cash in and out of the country might soon become easier amid plans of the central bank to relax rules on the flow of foreign and local currencies across borders.

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said current rules on individuals carrying cash when they travel were now out of date.

“We’re looking at increasing [the limit] to a substantially higher amount,” Tetangco told reporters this week.

“There’s a need to take into account more recent developments as well as increasing requirements of people traveling abroad,” he said.

According to existing rules, anyone planning to take P10,000 or more out of the country—denominated in pesos —should first seek authorization from the BSP. This ceiling is set by the BSP’s Monetary Board.

This little-known rule stands today. Tetangco said very few people comply with these disclosure rules. Violations are almost never found out, and penalties are equally rare.

If money is denominated in any other currency such as the dollar, yen or euro, prior authorization is required when bringing into or out of the Philippines any amount worth the equivalent of $10,000.

Speaking separately, BSP Deputy Governor Diwa C. Guinigundo said rules covering the $10,000-ceiling for the movement of foreign currencies were also being reviewed.

Unlike the rule regarding pesos, the ceiling for which is set by the BSP, the rule for foreign currencies is part of an existing legislation, which means any attempt at liberalization would be more difficult.