Digitalization, globalization and the popularity of eCommerce have profoundly change the way we conduct business, creating a truly global marketplace. The interconnectedness of the global economy plays a critical role in seamless financial integration. So does moving money cross-border
On Monday, the Bangko Sentral ng Pilipinas (BSP) expressed support for the rollout of the eTravel Customs System in all international airports but reminded the public of the rules on cross-border currency transfers.
The Bangko Sentral ng Pilipinas (BSP) supports the efficient rollout of the eTravel Customs System in all international airports.
"For Philippine currency, a person may bring into or take out of the Philippines an amount not exceeding P50,000," the BSP said. The BSP noted amounts over the limit should require prior written authorization from the BSP and declaration of the whole amount brought into or taken out of the Philippines in the e-CDF.
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 or by downloading the eGovPH application within 72 hours before arrival into or departure from the Philippines.
The BSP urges all travelers to fully comply with these requirements to ensure seamless international travel clearance.
"The BSP, however, allows cross-border transfer of local currency over the limit only for the following purposes:
testing/calibration/configuration of money counting/sorting machines; numismatics or collection of currency; and currency awareness," it said.
The BSP urged all travelers to fully comply with these requirements to ensure seamless international travel clearance.
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