The Philippine Embassy in Abu Dhabi reminded overseas Filipino workers (OFWs) in the UAE about rules in bringing local and foreign currency in or out of the Philippines.

Sharing an advisory from the Bangko Sentral ng Pilipinas (BSP), the embassy reminded that OFWs and other individuals entering or leaving the Philippines are only allowed to bring Php50,000 cash. In cases of cash more than Php50,000, the individual must secure a written authorization from BSP.

 Bringing more than Php50,000 money is considered the accompanying purposes: 

– For testing/calibration of money counting/sorting machines; and
– For numismatics (collection of currency)/ educational purposes.

Regarding remote cash, an individual is permitted to get any sum and out of the nation. The outside money may likewise come in various structures — money, checks, drafts, notes, and so on. 

In any case, if the sum surpasses $10,000 (Dh36,732 or any proportional in other outside money), the individual must announce the sum to the Bureau of Customs by topping off the Foreign Currency and Other Foreign Exchange-Denominated Bearer Monetary Instruments Declaration Form which is accessible at the BOC work area in air terminals and seaports in the nation. 

Why this issues to OFWs in UAE

Many OFWs who are planning to return to the Philippines are taking advantage of the high peso-dirham exchange rate by having their dirhams converted to peso even before leaving UAE. To avoid facing any problems upon arrival at any airport or seaport in the Philippines, it is best to only have the foreign currency converted upon arrival in the country, most especially if the expected converted amount exceeds Php50,000.

If the foreign currency exceeds Dh36,732 or any equivalent of $10,000 in other foreign currency, the OFW must secure a declaration form which is available at BOC desks in airports and seaports.– For testing/adjustment of cash checking/arranging machines; and 

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