Tuesday, 25 June 2024

BSP supports eTravel customs system, reminds strict FX rules enforcement

5 min read

The Bangko Sentral ng Pilipinas (BSP) supports the efficient roll-out of the eTravel Customs System in all international airports.

The eTravel Customs System enables all arriving and departing travelers to fill-out the electronic Customs Baggage Declaration Form (e-CBDF) and electronic Currencies Declaration Form (e-CDF) using the eTravel website at https://etravel.gov.ph/ or by downloading the eGovPH application within 72 hours [three days] prior to arrival into or departure from the Philippines.

The BSP would also like to remind the general public on the strict implementation of the following rules on cross-border transfer of currencies provided under Section 4 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended:

a. Any person, who brings into or takes out of the Philippines foreign currency, in excess of $10,000 or its equivalent in other foreign currencies is required to declare the whole amount brought into or taken out of the Philippines using the e-CDF.

b. For Philippine currency, a person may bring into or take out of the Philippines an amount not exceeding PHP50,000 ($853.19). Amounts in excess of the limit shall require: (a) prior written authorisation from the BSP; and (b) declaration of the whole amount brought into or taken out of the Philippines in the e-CDF. The BSP, however, allows cross-border transfer of local currency in excess of the limit only for the following purposes: (a) testing/calibration/configuration of money counting/sorting machines; (b) numismatics (collection of currency); and (c) currency awareness.

The BSP urges all travelers to fully comply with these requirements to ensure seamless international travel clearance

Re-disseminated by The Asian Banker

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