Taking Pesos Into The Country

[dalidali]

When I was in Cebu earlier this year, I was going to buy a motorbike with cash money.

So I did a Western Union to myself and picked up about 68K pesos.

 

Well, I never did buy the motorbike and just held onto the pesos rather than get slammed with a peso to USD exchange rate.

 

Now when I return this coming July.....I will have with me, over 60K pesos in my bag.

 

Should I have any concerns about entering with these pesos, in the unlikely event my bag is searched?

 

[bootleultras]

I wouldnt worry about it too much, just spread it about a bit. Keep a bit in your pocket and then two seperate areas in your hand carry. Either way im sure no one will stop you. :cheersty:

[FlyAway]

Just so you know what the written law is. Just to be safe I would check it out. Does not hurt to ask them questions.

 

http://www.tourism.gov.ph/sitepages/customs.aspx

 

CURRENCY REGULATIONS

 

It is illegal for any incoming or outgoing passenger to bring in or out Philippine Pesos in excess of P10,000.00 without prior authority from the Bangko Sentral ng Pilipinas. Any violation of this rule may lead to its seizure and civil penalties and / or criminal prosecution. (BSP Circular 98-1995)

The transportation of foreign currency or monetary instruments is legal. However, the carrying of foreign currency in excess of US$10,000.00 or its equivalent in other foreign currencies must be declared to a Customs Officer or the Bangko Sentral ng Pilipinas. Violation of this rule may lead to seizure and sanctions, fines and / or penalties.

 

For more information about Bureau of Customs Passengers Guidelines visit http://www.customs.gov.ph/bustravel.php

[dalidali]

t is illegal for any incoming or outgoing passenger to bring in or out Philippine Pesos in excess of P10,000.00 without prior authority from the Bangko Sentral ng Pilipinas. Any violation of this rule may lead to its seizure and civil penalties and / or criminal prosecution

 

Ok flyaway and thanks for this tidbit.

I thought I had seen this before and it was the impetus of my original question.

 

Color me "culpa", as I transported OUT of the country, those pesos intended for the moto purchase.

 

I surely don't want to be a violator, so I will lay low on any further admissions of my intentions to import cash funds, sans permission or payment of any taxes due.

However, a previous poster noted a "workaround", that seems worthy of consideration.

[jpbago]

However, a previous poster noted a "workaround", that seems worthy of consideration.

 

I wouldnt worry about it too much, just spread it about a bit. Keep a bit in your pocket and then two seperate areas in your hand carry. Either way im sure no one will stop you.

 

Is this the workaround or did you mean something else from another topic post?

[dalidali]

However, a previous poster noted a "workaround", that seems worthy of consideration.

 

 

>I wouldnt worry about it too much, just spread it about a bit. Keep a bit in your pocket and then two seperate areas in your hand carry. Either way im sure no one will stop you.

 

Is this the workaround or did you mean something else from another topic post?

 

That is the one.

[Call me bubba]

humm. the "LAW" says this . we do that.....

you have a choice, and you know what the LAW IS and how selective enforced it is,

,its your money and you took a risk(not saying your cheap) not converting it back in to your home currency.

have you thought or considered CONVERTING it w/the local expat Filipinos where you live?

 as its been posted , you must declare any amount over 10.000p.

its your money, its your life and your decision ,

 

we on the forum can only suggest or advise,

 

 

if my wording of "cheap" offends you or others it was not my intention

[samatm]

 edited after re-reading the OP.      good luck .  probably nothing to worry about.     

Edited April 16, 2013 by samatm

[brock]

If your worried, Why not just put the money back into your Bank, And use your ATM when you are back in Cebu

[samatm]

If your worried, Why not just put the money back into your Bank, And use your ATM when you are back in Cebu

I believe because  he would lose a lot of % points  on th FX  in the US.   Maybe he should actually put a value to the FX loss and decide if its worht the risk of carrying the 60K in cash back.    If the loss  is only like $50  ,  I would just go ahead and Bank it.