The Philippine Embassy in Madrid would like to inform the public that the Monetary Board of the Philippines has issued Circular No. 922, Series of 2016, which amends policies on cross-border transfer of local currency (Philippine Peso).
Under the said circular, a person may bring with him to or take out of the Philippines, physically or electronically, a maximum of Fifty Thousand Pesos (PHP 50,000), without prior authorization from the Bangko Sentral ng Pilipinas (BSP). Cross-border transfer of amounts exceeding PHP 50,000 will require BSP authorization. This policy took effect on 15 September 2016.