Bangko Sentral ng Pilipinas (BSP) Circular No.922 Series 2016
- Notifying member
- Philippines
- Title
- Bangko Sentral ng Pilipinas (BSP) Circular No.922 Series 2016
- First published
- 13/08/2016
- First EIF
- 15/09/2016
- Latest published
- In force to
- 07/12/2023
- Latest notification
- G/LIC/N/3/PHL/15/Rev.1
- Product categories
- List of products subject to licensing
- Nature of licensing
-
Non-automatic
- Administrative purpose/measure being implemented
-
- Other
- Decription of purpose/measure being implemented
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The existing rule is aligned with the policy of non-internationalization of the PHP and the objective of having a better control of liquidity and overall monetary conditions.
- Administrative body(ies) for submission of applications
-
- Bangko Sentral ng Pilipinas, International Operations Department
- A. Mabini St. cor. P. Ocampo St., Malate Manila, Philippines 1004
- www.bsp.gov.ph
- +632 708-7107
- Contact point for information on eligibility
-
Same as the "Administrative bodies"
- Expected duration of licensing procedure
- Unless amended or modified by subsequent policy, issuance of letter-authority under Section 4 of the FX Manual will continue to be enforced. Subsequent repeal and/or modification of the rule on cross-border transfer of legal tender Philippine currency will depend on the conditions prevailing in the Philippine economy, as assessed by the BSP.
- Found by secretariat
- Yes
- Links
- Related document symbols
-
- G/LIC/N/2/PHL/3
- Source
- Notes
-
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Previously notified in N1PHL5
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G/LIC/N/2/PHL/3
Bangko Sentral ng Pilipinas (BSP) Circular No. 922 series of 2016 dated 23 August 2016 (Annex A), as contained in Section 4 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended.
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 PHP50,000.00.
A person may import or export, or 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 not exceeding PHP50,000.00 without prior authorization from the BSP. Amounts in excess of said limit shall require prior written authorization from the BSP.
Increase in cross-border limit for transfer of legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines from PHP10,000.00 to PHP50,000.00.
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