Foreign Currency Declaration Form

CIRCULAR LETTER Series of 2002

TO          :   All Banks And Their Clients

Subject  :  Foreign Currency Declaration Form

Pursuant to BSP Circular No. 308 dated November 15, 2001, as amended by Circular No. 314 dated January 8, 2002 and clarified under Monetary Board Resolution No. 1922 dated November 29, 2001 requiring, effective February 1, 2002, any person who brings into or out of the Philippines foreign currency in excess of US$10,000.00 or its equivalent to declare the same in writing and to furnish information on the source and purpose of the transport of such currency, please be advised of the following:

1.  The said required Foreign Currency Declaration shall be duly accomplished using the attached Form (BSP-IOD Form No.1-02) and the Declarant shall strictly comply with the instructions at the back of said Form;

2.  Copies of the blank Forms may be obtained from the BSP or the Bureau of Customs;  however, airline companies and other entities involved in the transport of these currencies may print additional copies of  the Form for their use or the use of their clients provided said copies exactly match the wording and size of the Form as attached herewith;

3.   The Foreign Currency Declaration requirement shall also cover the import to or export from the Philippines of foreign currency otherwise referred to herein as “unaccompanied baggage”; and

4.  “Foreign currency” as referred to in aforesaid Circulars and as used herein, shall pertain only to banknotes and coins considered as legal tender in a foreign country or territory other than Philippine currency; demonetized notes and coins and checks denominated in foreign currency including travellers checks are excluded from its coverage.

This Circular-Letter shall take effect immediately.

AMANDO M. TETANGCO, JR. Deputy Governor