Illegal To Leave With More Than P10,000

[Travis]

http://www.philstar....ubCategoryId=65 I did not know it was illegal to leave the Philippines with more than p10,000 did you? British traveler caught with P3.6 million at NAIA By Rudy Santos (The Philippine Star) Updated June 10, 2010 12:00 AM MANILA, Philippines - Authorities at the Ninoy Aquino International Airport (NAIA) confiscated P3.6 million from a British passport holder who was about to leave for Hong Kong yesterday.Chiao Liang Juliana Ching, 55, was able to go through the initial security check with the money in a black plastic wrapper in a black hand-carried bag.The money was detected by X-ray technicians during the final X-ray examination.Customs deputy district collector for passenger services Teresita Roque, in her report to Customs district collector Carlos So, said Ching’s passport indicates she was in the country from Dec. 26 to 29, 2004; came from China on May 8 and left for Hong Kong on June 4. She came back to Manila on June 8.Ching will be charged with money laundering and violating a Bangko Sentral ng Pilipinas circular prohibiting the exportation of money exceeding P10,000, Roque said, adding the P3.6 million will be turned over to the BSP.

[United Army]

I did not know about this. But if someone was to leave the RP for good and had to close out their dollar account and peso account, and they converted their peso back to dollars and lets say the total was around 6K or so, I wonder if this would be a problem or not?

[Art2ro]

I did not know about this. But if someone was to leave the RP for good and had to close out their dollar account and peso account, and they converted their peso back to dollars and lets say the total was around 6K or so, I wonder if this would be a problem or not?

I believe in the custom's declaration form, as long as you declare anything over $10,000 and can show proof where the money came from legally, no one should have any problems! When we first came to the Philippines, we had over $10,000 in cash with a bank receipt and wasn't a problem to carry on the plane and we declared it on the Custom's Form without any hassle after our arrival. And after we opened a dollar account after our arrival, I also deposited a U.S. check in the amount of $50,000 and it cleared after 25 days into our dollar Philippine bank account and withdrew the full amount a few days later and converted it all into pesos at a good rate of P57 at that time in 1999 and redeposited it into our peso checking account to pay for our down payment on our new home! Edited June 10, 2010 by Pinoy Art

[Jollygoodfellow]

I did not know about this. But if someone was to leave the RP for good and had to close out their dollar account and peso account, and they converted their peso back to dollars and lets say the total was around 6K or so, I wonder if this would be a problem or not?

I believe in the custom's declaration form, as long as you declare anything over $10,000 and can show proof where the money came from legally, no one should have any problems! When we first came to the Philippines, we had over $10,000 in cash with a bank receipt and wasn't a problem to carry on the plane and we declared it on the Custom's Form without any hassle after our arrival. And after we opened a dollar account after our arrival, I also deposited a U.S. check in the amount of $50,000 and it cleared after 25 days into our dollar Philippine bank account and withdrew the full amount a few days later and converted it all into pesos at a good rate of P57 at that time in 1999 and redeposited it into our peso checking account to pay for our down payment on our new home!

I think what you are saying in correct but that is for entering the country,not leaving the Philippines.

[Art2ro]

I did not know about this. But if someone was to leave the RP for good and had to close out their dollar account and peso account, and they converted their peso back to dollars and lets say the total was around 6K or so, I wonder if this would be a problem or not?

I believe in the custom's declaration form, as long as you declare anything over $10,000 and can show proof where the money came from legally, no one should have any problems! When we first came to the Philippines, we had over $10,000 in cash with a bank receipt and wasn't a problem to carry on the plane and we declared it on the Custom's Form without any hassle after our arrival. And after we opened a dollar account after our arrival, I also deposited a U.S. check in the amount of $50,000 and it cleared after 25 days into our dollar Philippine bank account and withdrew the full amount a few days later and converted it all into pesos at a good rate of P57 at that time in 1999 and redeposited it into our peso checking account to pay for our down payment on our new home!

I think what you are saying in correct but that is for entering the country,not leaving the Philippines.

Oh I forgot to mention too, that we've left the Philippines with more than P10,000 and declared the amount on our Customs Form prior to arrival in the U.S.. No big deal as long it's declared. Maybe P3.6 million in cash will raise an eyebrow! Just better have good proof where the money came from legally! If it's not declared, then that's where the problem may lie! Just seems like common sense to me! Haven't yet checked into the airline's policy concerning Custom's criteria about confiscation. Also, that's why under the money anti laundering act, bank accounts are maintained for a period of 5 years after the account has been closed so prior transactions of any monies in question can be traced back of any illegalities. http://www.chanrobles.com/republicactno9160.htmThis link is a long read, but everything is there concerning the money anti laundering laws of the Philippines! Edited June 10, 2010 by Pinoy Art

[mike]

I did not know about this. But if someone was to leave the RP for good and had to close out their dollar account and peso account, and they converted their peso back to dollars and lets say the total was around 6K or so, I wonder if this would be a problem or not?

I believe in the custom's declaration form, as long as you declare anything over $10,000 and can show proof where the money came from legally, no one should have any problems! When we first came to the Philippines, we had over $10,000 in cash with a bank receipt and wasn't a problem to carry on the plane and we declared it on the Custom's Form without any hassle after our arrival. And after we opened a dollar account after our arrival, I also deposited a U.S. check in the amount of $50,000 and it cleared after 25 days into our dollar Philippine bank account and withdrew the full amount a few days later and converted it all into pesos at a good rate of P57 at that time in 1999 and redeposited it into our peso checking account to pay for our down payment on our new home!

I think what you are saying in correct but that is for entering the country,not leaving the Philippines.

Oh I forgot to mention too, that we've left the Philippines with more than P10,000 and declared the amount on our Customs Form prior to arrival in the U.S.. No big deal as long it's declared. Maybe P3.6 million in cash will raise an eyebrow! Just better have good proof where the money came from legally! If it's not declared, then that's where the problem may lie! Just seems like common sense to me! Haven't yet checked into the airline's policy concerning Custom's criteria about confiscation. Also, that's why under the money anti laundering act, bank accounts are maintained for a period of 5 years after the account has been closed so prior transactions of any monies in question can be traced back of any illegalities. http://www.chanroble...icactno9160.htmThis link is a long read, but everything is there concerning the money anti laundering laws of the Philippines!

My understanding it is 10,ooo $US OR currency equivalent that must be declared and approved by Banko Central. Once cleared you can leave with any amount you like. This does not apply to bank to bank transfers as the moeny is identified and sourced which meets the anti money laundering provisions, ie it is traceable.

[Mr Lee]

I did not know about this.  But if someone was to leave the RP for good and had to close out their dollar account and peso account, and they converted their peso back to dollars and lets say the total was around 6K or so, I wonder if this would be a problem or not?

I believe the answer to your question can be found HERE. I can find no newer so I believe this is still the law and I seem to remember the last time we left that it said p10,000 or US $10,000 and do not ask me why the value of the pisos is so low, my guess is just so the Philippines does not have to print more money if many people took a lot of pisos out of the country which would end up costing them money to make more paper money.BSP's Regulation on the Foreign Currency Declaration Requirement   05.23.2002  The Bangko Sentral ng Pilipinas (BSP) wishes to clarify to the public that the written declaration requirement by BSP from travelers bringing in or out of the Philippines foreign currency in excess of US$10,000 which has been in effect since February 1, 2002, is not meant to prohibit or restrict the amount of foreign currency that may be brought in or out of the Philippines. The requirement is aimed at monitoring the transport of sizeable amounts of foreign currency as part of the initiatives taken by the BSP to assist in the government’s efforts to curb money laundering activities in the country. The bringing in or out of the country of foreign currency, regardless of amount, continues to be allowed under BSP rules. Furthermore, the Foreign Currency Declaration requirement covers only legal tender foreign currency banknotes and coins, thus it does not cover travelers checks which need not be declared.