The Philippine Embassy in Abu Dhabi reminded overseas Filipino workers (OFWs) in the UAE about rules in bringing local and foreign currency in or out of the Philippines.
Sharing an advisory from the Bangko Sentral ng Pilipinas (BSP), the embassy reminded that OFWs and other individuals entering or leaving the Philippines are only allowed to bring Php50,000 cash. In cases of cash more than Php50,000, the individual must secure a written authorization from BSP.
Bringing more than Php50,000 cash is only allowed for the following purposes:
– For testing/calibration of money counting/sorting machines; and
– For numismatics (collection of currency)/ educational purposes.
In terms of foreign currency, an individual is allowed to bring any amount in and out of the country. The foreign currency may also come in different forms — cash, checks, drafts, notes, etc.
However, if the amount exceeds $10,000 (Dh36,732 or any equivalent in other foreign currency), the individual must declare the amount to the Bureau of Customs by filling up the Foreign Currency and Other Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form which is available at the BOC desk in airports and seaports in the country.
Why this matters to OFWs in UAE
Many OFWs who are planning to return to the Philippines are taking advantage of the high peso-dirham exchange rate by having their dirhams converted to peso even before leaving UAE. To avoid facing any problems upon arrival at any airport or seaport in the Philippines, it is best to only have the foreign currency converted upon arrival in the country, most especially if the expected converted amount exceeds Php50,000.
If the foreign currency exceeds Dh36,732 or any equivalent of $10,000 in other foreign currency, the OFW must secure a declaration form which is available at BOC desks in airports and seaports.
