Starting September 2016, travelers going in and out of the Philippines will now be allowed to bring more than P10,000, according to the Bangko Sentral ng Pilipinas (BSP).
The new ceiling will be P50,000.
This is according to a report on ABS-CBN News.
In the report, travelers who will be bringing up to P50,000 will no longer be required a written authorization from BSP.
BSP released a circular saying, “A person may import or export, or bring with him into or take out of the country, or electronically transfer, legal tender 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 P50,000 without prior authorization from the BSP.”
Moreover, BSP added that they are also raising the ceiling for Philippine residents in the purchase of foreign exchange without supporting documents to $500,000 from the previous limit of $120,000.
What do you think of raising the ceiling to P50,000?