MANILA - Those travelling to and from the Philippines would be allowed to carry as much as P50,000 starting next month, the Bangko Sentral ng Pilipinas (BSP) said Friday.

Those bringing P50,000 in and out of the country will no longer need written authorization from the BSP, the central bank said in a circular.

"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 P50,000 without prior authorization from the BSP," it said.

The previous ceiling was set at P10,000.

The ceiling for Philippine residents in the purchase of foreign exchange without supporting documents was also raised to $500,000 from the previous limit of $120,000, the central bank added.