The Philippines is becoming an increasingly popular holiday destination for foreign tourists, drawn by its tantalizing mix of golden beaches, natural coral reefs, lush rainforests, and rich culture and history.
While the majority of foreign passport holders do not need to obtain a visa for the Philippines in order to visit for short stays, citizens of Taiwan are required to apply for an eTa visa waiver in order to get permission to enter the country.
Eligible citizens are able to submit an application form for the Philippines visa waiver and receive travel authorization exclusively online, eliminating the need to apply for a tourist visa from an embassy or consulate.
Once the applicant has obtained the correct documents to travel to the Philippines, they will be able to start planning other aspects of their stay, including organizing the budget for their trip.
Exchanging foreign currency in the Philippines can be difficult, especially outside major urban centers, and for this reason, many travelers to the Philippines choose to take a substantial amount of local currency in cash with them when entering the country.
However, visitors should be aware that there are strictly enforced restrictions on the amount of money they can bring into and take out of the Philippines, both for local and foreign currency. These, together with the Philippines customs regulations and prohibited items, should be taken into account before departure.
Restrictions on Bringing Money into the Philippines
The official currency of the Philippines is the Philippine peso, which comes in colorful notes of 10, 20, 50, 100, 200, 500, and 1,000 pesos.
Some establishments in Metro Manila, the capital, and other major cities in Malaysia may accept U.S. dollars as payment, but in general, this practice is rare. While some ATMs, as well as shops in major cities, accept international credit cards, not all do. It can also be difficult to change money in the Philippines as older or rarer foreign banknotes may not be accepted.
Therefore, the best way to guarantee that you’ll be able to pay for goods and services is to change your local currency into Philippine pesos before departure from your home country.
However, when deciding how much currency to bring, it’s important to become familiar with the maximum money allowed for the Philippines for travelers. In order to combat money laundering and come into line with international conventions, the Banko Sentral ng Pilipinas (BSP) has introduced regulations on the amount of currency a traveler is able to bring into or out of the country.
How Much Cash Can I Bring into the Philippines?
Those who plan on taking cash to the Philippines should be aware that the limit to import or export local currency, either physically or by electronic transfer, is PHP 50,000 per person. This limit includes all monetary forms including legal tender Philippine notes and coins, checks, and money orders.
Travelers who wish to either enter or exit the Philippines with a number of pesos in excess of the limit are required to obtain a letter of authorization from the BSP in order to do so.
Those caught traveling with an amount in excess of the limit without any authorization letter are liable to have the money confiscated by the Philippine Bureau of Customs.
There are also Philippines money restrictions on foreign currency that foreigners should be aware of.
Travelers are only allowed to carry up to U.S. $10,000 in cash (or the equivalent in any other foreign currency). This limit also includes other monetary instruments including checks, traveler’s checks, money orders, deposit certificates, and trading orders.
Those who wish to enter the Philippines with an amount exceeding the equivalent of US $10, 000 are required to provide a written declaration. This can be done by downloading and completing a ‘Foreign Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form’, available on the official website of the Banko Sentral ng Pilipinas.