After the arrest of a South Korean national, authorities are reminding travellers at the Ninoy Aquino International Airport (NAIA) regarding the rules in bringing money into the Philippines.
The Bureau of Customs (BOC) said that that travellers 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 the Bangko Sentral ng Pilipinas (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 $10,000 (Dh36,732 or any equivalent in other foreign currency), the individual must declare the amount to the Bureau of Customs by filling up the Foreign Currency and Other Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form which is available at the BOC desk in airports and seaports in the country.
The reminder was issued following the arrest of a Korean national at NAIA for failing to declare the HK$ 3,828,975 (Php 25,729,525.02) worth of money found inside his luggage.
On November 30, Korean national Kim Junheon is said to have tried to evade instructions from customs X-ray operator claiming that he cannot speak English.
Upon inspection of his luggage, however, it was discovered that has large sum of undeclared money inside it which is believed to have been from a gambling activity in Hong Kong.
