Import and Export of Philippine Currency

CIRCULAR LETTER NO. CL-2007-016

To:  All Banks and All Concerned

Subject: Import and Export of Philippine Currency

This is to remind all concerned that the bringing in or taking out of the country or electronic transfer of 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 P10,000 without authorization by the Bangko Sentral ng Pilipinas is prohibited.  Such prohibition is contained in Section 4 of Circular No. 1389 dated 13 April 1993, as amended.

Any violation thereof is subject to the penalty provision of Section 36 of Republic Act. No. 7653 dated 10 June 1993, otherwise known as “The New Central Bank Act”, without prejudice to the application of remedies and sanctions provided for under customs laws and regulations.

DIWA C. GUINIGUNDO Deputy Governor