Pursuant to BSP Circular No. 308 dated 15 November 2001 as amended by Circular No. 507 dated 19 January 2006 (on foreign currency notes/coins/other monetary instruments) and Section 4 of Central Bank Circular No. 1389 dated 13 April 1993, as amended by BSP Circular No. 98 dated 11 December 1995:

"Any person bringing foreign currency and other foreign exchange-denominated bearer negotiable monetary instruments (including traveler's checks) in or out of the Philippine in excess of US$10,000 or its equivalent, must accomplish a Declaration Form which may be obtained from, and after accomplishment submitted to, the Customs Desk in the Arrival or Departure areas. Failure to do so is subject to sanctions."

"Also, bringing in or out of the country of legal tender Philippine notes and coins, check, money order and other bills of exchange drawn in pesos in an amount exceeding PhP10,000 without authorization by the Bangko Sentral ng Pilipinas is prohibited."