The Central Bank of the Philippines (Bangko Sentral ng Pilipinas) states:
Any person bringing foreign currency and other foreign exchange-denominated bearer negotiable monetary instruments (including traveler's checks) in or out of the Philippines in excess of US$10,000 or its equivalent, must accomplish a Declaration Form which may be obtained from, and after accomplishment submitted to, the Customs Desk in the Arrival or Departure Areas. Failure to do so is subject to sanctions.
Also, the bringing in or out of the country of legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos in an amount exceeding P10,000 without authorization by the Bangko Sentral ng Pilipinas is prohibited.
You may read Circular number 507 series of 2006 from the Central Bank of the Philippines here
