Its More Fun

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


Anonymous said...

Hi, after reading this awesome post i am as well
happy to share my familiarity here with friends.

Here is my page ... Christian Louboutin Slingbacks

Anonymous said...

Hi, I do think this is an excellent web site.
I stumbledupon it ;) I may come back once again since I book marked it.
Money and freedom is the best way to change, may you be rich
and continue to help others.

Check out my blog pozt Starlink electronic reviews

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Appreciating the ard work you put into your blog and detailed information you
provide. It's awesome to come across a blog evdry nce in a whole that isn't
the same out of date rehashed material. Great read! I've
saved your ssite and I'm including your RSS feeds to my Google account.

Visit my web site ... Clash of Clans Cheats

Eugene Macalinga said...

thanks for reading and for your comments. Thanks for following my blog. Feel free to share the link it you find it worthy of it. Salamat. Gracias. Danke. Xie xie

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Aw, this was an exceptionally nice post. Finding the time and actual
effort to produce a really good article… but what
can I say… I procrastinate a lot and don't seem to get
anything done.

my web site :: buy cheap used cars chicago

Anonymous said...

Appreciating the hard work you put into your site and in depth information you present.
It's good to come across a blog every once in a
while that isn't the same old rehashed material.
Wonderful read! I've bookmarked your site and I'm including your RSS feeds to my Google account.

Also visit my web page - ac repair houston heights

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Pretty! This has been an incredibly wonderful
article. Thanks for providing this information.

Also visit my webpage: Best SAD Light

Anonymous said...

Hi there to every single one, it's in fact a nice for me to pay a visit
this web site, it contains precious Information.

Look at my web site; drunk girl fucked

Anonymous said...

e cigarette reviews, electronic cigarette, electronic cigarette starter kit, electronic cigarette, ecigarette, e cigarette

Blogger said...

eToro is the #1 forex trading platform for newbie and professional traders.