Why does Philippines want a person to declare bringing in more than 50,000 in Philippines Currency

[Palawan 131]

"International travelers arriving in NAIA Terminal 1 and bringing in goods, including currencies in excess of PHP50,000.00* and/or USD10,000.00, in their baggage can now declare conveniently through the I-Declare System"

 

That less than a $1000 US Currency

 

Why don't they want Philipines currency to leave or enter the country? They cheap and worried about making more money?  Or they just trying find a way to confiscate money from outside travelers?

Edited August 16, 2022 by Palawan

[top_secret 2,421]

Don't feel bad, up until Nov 2016 it was USD 10,000 OR PHP 10,000.  So not long ago the limit was more like $200 if it was in Pesos and you had to sign the customs form to that effect.

Edited August 16, 2022 by top_secret

[Loren Y 2,755]

All countries I have ever entered ( Over 100) usually have something like this to monitor money going in and out to protect from money laundering and drug money. Most countries are right around 10k in US funds as the declaration point. The US is 10k in currency, or how they phrase it Monetary instruments. ( Gold, Diamonds, etc.) I have taken over the limits into the US many times, and other countries a few times as well with no issues as long as it is declared. They are not interested in your money to take it from you, they just want to make sure you aren't a mule for illegal activities. If you are planning on rolling thru customs with 1 million US, you better have proof of where the money came from, and what it is for. I once had about 50k confiscated from me at LAX when entering into the US because I didn't have proof of where the money came from in my possession at the time. Once I got the bank statements, and proof of where the money originated, I went back to CBP at LAX, and they gave me my money back no questions asked. I did have it declared on my entry form.

[Palawan 131]

8 minutes ago, Loren Y said:

All countries I have ever entered ( Over 100) usually have something like this to monitor money going in and out to protect from money laundering and drug money. Most countries are right around 10k in US funds as the declaration point. The US is 10k in currency, or how they phrase it Monetary instruments. ( Gold, Diamonds, etc.) I have taken over the limits into the US many times, and other countries a few times as well with no issues as long as it is declared. They are not interested in your money to take it from you, they just want to make sure you aren't a mule for illegal activities. If you are planning on rolling thru customs with 1 million US, you better have proof of where the money came from, and what it is for. I once had about 50k confiscated from me at LAX when entering into the US because I didn't have proof of where the money came from in my possession at the time. Once I got the bank statements, and proof of where the money originated, I went back to CBP at LAX, and they gave me my money back no questions asked. I did have it declared on my entry form.

I was talking about the low amount of the Philippines Peso of less than 50K, which isn't the equilivant of $1000 US Dollars.

[JeanneAdil 6,505]

you can bring it in / just need to declare it and fill out the paperwork and show where the money came from (we take proofs when we travel )

to enter the US , u are actually required to declare all goods bought outside the US and all monies bought in (ALL)

for the very reasons Loren Y posted

 

 

[hunny&me 274]

It is the monetary currency, not the converted value.  50K in pesos; 10K USD.  They can question you - where was the PESOS produced.  Philippines change their paper money from time to time.  When I went to visit last month, I still had Philippine paper monies from my previous trip - and they were useless  .  Bringing them out the country is questionable for big amounts (other than souvenir and your allowance once on your next Philippine trip).  Much more bringing them in Philippines - (you will be questioned where you got it).   

Now, am back in US, I still have about 10K pesos with me... hoping that my next trip to Philippines it is still being used!    I used it to pay porters, transportation, tips, food, etc..  I do not want to tip in dollars if I can in pesos.

[Palawan 131]

16 hours ago, JeanneAdil said:

you can bring it in / just need to declare it and fill out the paperwork and show where the money came from (we take proofs when we travel )

 

 

 

Wrong

 

If a person brought in more than 50,000 peos they had to prior approval from the Bangko Sentral ng Pilipinas.

[Palawan 131]

15 hours ago, hunny&me said:

It is the monetary currency, not the converted value.  50K in pesos; 10K USD.  They can question you - where was the PESOS produced.  Philippines change their paper money from time to time.  When I went to visit last month, I still had Philippine paper monies from my previous trip - and they were useless  .  Bringing them out the country is questionable for big amounts (other than souvenir and your allowance once on your next Philippine trip).  Much more bringing them in Philippines - (you will be questioned where you got it).   

Now, am back in US, I still have about 10K pesos with me... hoping that my next trip to Philippines it is still being used!    I used it to pay porters, transportation, tips, food, etc..  I do not want to tip in dollars if I can in pesos.

It actually only 50K Philippines Peso you can bring in with having to report or get authorization.

 

You can have 49K Philippines pesos, and 9K USD and be fine

 

 

[Palawan 131]

16 hours ago, JeanneAdil said:

to enter the US , u are actually required to declare all goods bought outside the US and all monies bought in (ALL)

for the very reasons Loren Y posted

 

 

Wrong Again

 

You do not have to report all monies brought into the USA unless it exceeds 10K USD

 

Please stop spreading wrong infomation

[Palawan 131]

15 hours ago, hunny&me said:

It is the monetary currency, not the converted value.  50K in pesos; 10K USD.  They can question you - where was the PESOS produced.  Philippines change their paper money from time to time.  When I went to visit last month, I still had Philippine paper monies from my previous trip - and they were useless  .  Bringing them out the country is questionable for big amounts (other than souvenir and your allowance once on your next Philippine trip).  Much more bringing them in Philippines - (you will be questioned where you got it).   

Now, am back in US, I still have about 10K pesos with me... hoping that my next trip to Philippines it is still being used!    I used it to pay porters, transportation, tips, food, etc..  I do not want to tip in dollars if I can in pesos.

I left a few weeks ago, I exited with about 300K of Philippines Pesos.  When I entered it was like 50 to 1 exchanged rate, stayed there a little over 2 months and exchange rate was 56 to 1 when I was leaving, figured just hold it and use it when I returned, plus I am sure when you convert peso to US Dollars they find some more fees to incur on you.  You can leave with any amount of Philippines peso, it is never questioned, it's only when you enter the form say something about having more than 50K Philippines Peso, the form you give to Immigration as you enter at the airport

 

Who tips in dollars in the Philippines? Currency is Pesos, a dollar is the same thing as piece of paper trash over there. 

 

It's been many years since they changed the currency over there, I got stuck with a couple hundred bucks of useless paper currency as well, but that currency switch seemed to be about 5 years ago from what I remember.

[JeanneAdil 6,505]

1 hour ago, Palawan said:

Wrong Again

 

You do not have to report all monies brought into the USA unless it exceeds 10K USD

 

Please stop spreading wrong infomation

u do have to declare all monies but not have to fill out the forms unless it exceeds the limits 

[hunny&me 274]

1 hour ago, Palawan said:

Who tips in dollars in the Philippines? Currency is Pesos, a dollar is the same thing as piece of paper trash over there. 

I do tip in dollars at the airport if I do not have pesos or enough "valid" pesos.  I appreciate my kababayans helping me in my luggage.  I prefer tipping in pesos so that they can use it right away versus foreign currency that they have to collect and exchange.   One dollar is not a piece of trash but it is small amount for multiple luggage.

 

[Palawan 131]

1 hour ago, hunny&me said:

I do tip in dollars at the airport if I do not have pesos or enough "valid" pesos.  I appreciate my kababayans helping me in my luggage.  I prefer tipping in pesos so that they can use it right away versus foreign currency that they have to collect and exchange.   One dollar is not a piece of trash but it is small amount for multiple luggage.

 

Trash cuz it's worthless in the Philippines, they can't convert it, always tip in Pesos.

[Palawan 131]

1 hour ago, JeanneAdil said:

u do have to declare all monies but not have to fill out the forms unless it exceeds the limits 

 

Nonsense

 

You only have to declare when it's over $10K USD entering the USA

 

Please stop spreading incorrect information

 

 

[MarJhi 962]

3 hours ago, Palawan said:

Who tips in dollars in the Philippines? Currency is Pesos, a dollar is the same thing as piece of paper trash over there. 

Wrong, please stop spreading misinformation.

 

Both my fiance' and her sister work in a day spa, and they occasionally get tips in US dollars (and sometimes other currencies) and they are more than happy to get it. They have no problems exchanging the dollars for pesos as there is no shortage of places to make those transactions. If you ever want someone to take those "paper trash" US dollars off of your hands I can direct you to 110,000,000 or so Filipinos who will gladly help you out. 

Edited August 17, 2022 by MarJhi