1. For Philippine pesos (which include legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines):
a. A person may bring into or out of the Philippines or electronically transfer Philippine pesos not exceeding PHP10,000 without prior approval from the Bangko Sentral ng Pilipinas (BSP).
b. For amounts in excess of PHP10,000, prior BSP authorization is required.
The taking in and bringing out of Philippines of Philippine currency in excess of PhP10,000 is strictly prohibited, and any need carry any currency in excess of the said 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. (00632) 708-7107 and Fax No. (00632) 306-3091.
2. For foreign currency and other foreign-currency-denominated bearer instruments:
a. A person bringing in or taking out of the Philippines in excess of US$10,000 or its equivalent in other currencies shall declare the same in writing using the Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form. The form is available at the Bureau of Customs desk at the arrival/departure areas of International airports and seaports. It may also be downloaded from the BSP website.
Travellers 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. The source of the money (e.g., personal income) must be stated.
Travellers departing the Philippines must submit to the Bureau of Customs Desk in the airport Departure Area a Declaration Form stating the amount (foreign currency in excess of $10,000.00) to be brought in or taken out of the Philippines. The source of the money (e.g., personal income) must be stated.
3. The above rules, i.e. the limit of “PHP10,000 in Philippine currency” or "US$10,000 or its equivalent in other currencies" is applied per person, including a child physically present and travelling together with a parent/guardian subject to the following conditions—
(a) the child is physically present with the parent/guardian upon Customs inspection;
(b) the total amount allocated per person, inclusive of the allotment for the child/children, should not average more than PHP10,000; and
(c) the allocation of the pesos or foreign currency is explained to the authorities by the parent/guardian.