April 8, 2015
BSP CIRCULAR NO. 874-15
SUBJECT | : | Amendments to Regulations under the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as Amended |
Pursuant to Monetary Board Resolution Nos. 600 dated 10 April 2014, 1733 dated 30 October 2014, 1760 dated 6 November 2014, 209 dated 13 February 2015, and 434 dated 19 March 2015, the following provisions of the Manual of Regulations on Foreign Exchange Transactions (issued under Circular No. 645 dated 13 February 2009, as amended) are further revised as follows:
"Section 4. Cross-Border Transfer of Local and Foreign Currencies. —
1. Local Currency. No person may import or export nor 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 exceeding PHP10,000.00 without authorization by the BSP.
The term "electronic transfer" as used herein shall mean a system where the authority to debit or credit an account (bank, business or individual) is provided by wire,...