Amendments of the Rules on Cross-Border Transfer of Local Currency

Baxexo SerurRaL NG Plr-rplNAs OFFICE OF THE GOVERNOR ctRcutAR No. s22 Series of 2O16 Subject: Amendment of the Rules on Cross-Border Transfer of Local Currency Pursuant to Monetary Board Resolution Nos. 334 dated 24 February 20t6, 878 dated 19 May 2OL6, L324.8 dated 28 July 20L6, and L374 dated 4 August 2016, Section 4 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual, issued under Circular No. 545 dated 13 February 2OO9, as amended) is further revised as follows: "Section 4. Cross-Border Transfer of local and Foreign Currencies 1. Local Currency. A person may import or export, or bring with him into or take out of the country, or electronically transfer, legaltender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines in an amount not exceeding PHP50,000 without prior authorization from the BSP. Amounts in excess of said limit shall require prior written authorization from the BSP. The term "electronic transfer" as used herein shall mean a system where the authority to debit or credit an account (bank, business or individual) is provided by wire, with or without a source document being mailed to evidence the authority. The peso amount of the International Passenger Service Charge (lPsc) refunded to outbound exempt passengersl shall not be included in the aforecited limit during the implementation of said IPSC refund. xxx" Repealing Clause. This Circular supersedes/amends/modifies the provisions of existing circulars, memoranda and/or other regulations that are inconsistent herewith. 1 Those passengers exempted under Philippine laws from payment of travel tax, airport tax and other travel related taxes or fees, which include the following: a. Philippine Sports Commission and its delegations or representatives to any international sports convention, conference and meeting, and athletes, coaches and other officials to any international competition under Republic Act (R.A.) No. 6847 (The Philippine Sports Commission Act); and b. Overseas Filipino Workers (OFWs) under R.A. No. 10022 (Migrant Workers and Overseas Filipinos Act of 1995); Provided that, refund is made prior to departure at airports or other ports of exit. A. Mabini st., Malate 1004 Manila, Philippines . (63217o8-77o1 . www.bsp.gov.ph . [email protected]

Effectivity. This Circular shall take effect fifteen (15) calendar days after its publication either in the Official Gazette or in a newspaper of general circulation in the Philippines. FOR THE MONETARY BOARD: AQUINO bAueust zorc Page2 ot 2