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the.lone.gunman

Bringing PHP into the Philippines

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Monsoon

 

 

I remember in the news a few years ago a Korean carrying a large sum of pesos to supposedly buy a car, he reported it according to the news and the people he reported it to quickly confiscated his money, who knows if he ever got it back but justice in the Philippines often takes years if ever. 

 

That would be unlawful if he were bringing in Pesos. Report or no report. One needs prior authorization from the BSP.

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Lee

That would be unlawful if he were bringing in Pesos. Report or no report. One needs prior authorization from the BSP.

Agreed, my point is that they tell you to declare any money over the limit and he did but they still confiscated his money, what is to say some guy will not do the same for US dollars if they wish to or text his friends to rob you. Heck I would not announce on the streets of the US that I was carrying over US $10,000, I sure as heck would not do it in the Philippines where even more people wish to part us with our money.

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Lee

To add to my above post, there is always the letter of the law and the intent of the law and it is my opinion that the intent of the law is to keep the peso stable, thus not allowing large sums of pesos out of the country to possibly cause the central bank to have to print more pesos to replace them and being able to keep track of where all pesos are, repatriating pesos means the central bank does not have to print new pesos to replace them, thus a person bringing in large amounts of legal pesos, should be question as to where they got them but if they got them legally, then they should not be punished with confiscation and especially not since they would have been allowed to bring in as much money as they wished to in their own currency, by declaring same. 

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