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Wednesday, May 18, 2011

Peso Power

Source: Wikipedia

With the US currency's reputation and value at its lowest compared to the other world currencies, its time we re-think our out-dated mentality and financial laws. We should update our policies reflecting the changes in the world.  When it comes to money matters, our policies should be reactive and responsive so that we can fully take advantage of our economic growth.

In 2011, the US greenback has lost value against most of the world currencies including the Australian dollars and Singapore dollars. You basically can get more pesos for 1 AUD than 1 USD. When it comes to SGD, it has performed very well against USD and is currently being traded at 1 USD to 1.25 SGD.

Countries such as China, Russia, Brazil, and even Singapore are increasingly doing more local currency swat between their trading partners and increasingly becoming less reliant on US dollars. Singapore on its part, being progressive and on top of the financial game, is already positioning itself as the center for Renminbi (China currency) outside China.

If we want progress, we should be able to adapt fast to changing economic climate. The bureaucracy should be responsive. Having mentioned some disturbance in the world currencies, Filipinos should increasingly show our trust in our own money.  We should start travelling with it and so we can create more value for the peso. Government should do more local currency swat with neighboring countries to reduce our overly reliance to US dollar.

As individual, when we travel or do business, we should be carrying Philippine Peso. That’s why we should change our law or policy on the limit of carrying 10,000 pesos.

Current Philippines policy tells us that it is illegal for any incoming or outgoing passenger to bring in or out Philippine Pesos in excess of P10,000.00 without prior authority from the Bangko Sentral ng Pilipinas (BSP – Philippine Central Bank). Any violation of this rule may lead to its seizure and civil penalties and / or criminal prosecution as per BSP Circular 98-1995.

In the Philippines, the transportation of foreign currency or monetary instruments is legal. However, the carrying of foreign currency in excess of US$10,000.00 or its equivalent in other foreign currencies must be declared to a Filipino Customs Officer or BSP. Violation of this rule may lead to seizure and sanctions, fines and / or penalties

In Singapore, there's a higher limit as to how much money you can take into Singapore. If you take S$30,000 or more in cash into Singapore (or its equivalent in any other currency), you'll need to declare it when entering Singapore. There's a customs/police counter from which you can collect a form.

Look at the table below, and see the custom policy of Philippines and Singapore about carrying local currency or its equivalent.

Local currency (must declare in excess of)
US Dollars/Foreign Currency
10,000 Pesos (285 SGD)
10,000 USD
30,000 SGD (1,053,132 Pesos)
Equivalent of 30,000 SGD in USD (24,000 USD)
·        * Rate on August 18, 2014 

Being a Filipino, why are we legally allowed to carry more USD than peso?  Why can we only carry 10,000 pesos or merely 285 SGD when we travel? 

Is it because we have more faith in the US currency? I think it’s a combination of our colonial mentality, that we don't bother to change our policies and we our slow to adapt to changes. We should use more our own currency and bring it whenever we go. Policy should be change so Filipinos be allowed (at least on paper) to carry more than 10,000 pesos.

Philippine Peso has long way to go, Filipinos should start patronizing it more. As more of us carry pesos when we travel, we create not just a value but also a need for it, worldwide. (Philippine Custom) (Singapore Custom)

Read my previous blog: related topic


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