Mariano, Mikaella Andrea A.

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Can you buy money? If so, what are the respective obligations of it?
I think that buying money in the question is about buying or exchanging foreign
currency. There are certain obligations to know when having this transactions.
Rules on bringing Philippine pesos and/or foreign currencies into or out of the
Philippines:
1. For Philippine pesos (which include legal tender Philippine notes and coins,
checks, money order and other bills of exchange drawn In pesos against banks
operating in the Philippines):
a. A person may bring Into or out of the Philippines or electronically transfer
Philippine pesos not exceeding PHP10, 000 without prior approval from the Bangko
Sentral ng Pilipinas {BSP).
b. For amounts In excess of PKP10, 000,prior BSP authorization Is required.

2. For foreign currency and other foreign-currency-denominated bearer instruments:

a. A person bringing In or taking out of the Philippines in excess of US$10,000 or its
equivalent in other currencies shall declare the same in writing using the Foreign
Currency and Other FX-Denominated Bearer Monetary Instruments Declaration Form
(link is external) . The form is available at the Bureau of Customs desk at the
arrival/departure areas of International airports and seaports. It may also be
downloaded from the BSP website {Annex K of the Manual of Regulations on Foreign
Exchange Transactions).

3. The above rules are applicable to a child travelling with his/her parent/guardian
provided that (a) the child is physically present with the parent/guardian upon
Customs inspection; (b) the total amount allocated per person inclusive of the
allotment for the child/children should not average more than PHP10,000; and (c)
allocation of the pesos or foreign currency Is explained to the authorities by the
parent/guardian.

Source:
https://www.philembassy.no/news-item/rules-on-bringing-philippine-pesos-andorforeign-currencies-into-or-out-of-the-philippines

Ayson, Rola C.

A-334

Can you buy money? If so, what are the respective obligations of it?
For me, there are two meaning of buying money. One is buying the money of other countries which is
called foreign currency and the other is borrowing money. Borrowing money is like buying money because
after you have borrowed a money, you will have to pay it later on. Just like buying goods, when you
received it, you will have to pay for it.
Basically, when buying foreign currency, your responsibility is to pay the exact amount stated in the
foreign exchange rates.
Here are some researches about obligations in borrowing money:
Borrowing money or buying goods on credit: Know your rights and obligations
Before you borrow money or buy goods on credit, you need to understand what youre getting into.
Whats it going to cost you? What repayments will you need to make? What interest or fees will you have
to pay?
A lender must give you this information its called disclosure. Read the contract and if you dont
understand something, dont sign go and get some independent advice.
Your lender must also give you information to help you keep track of any debt while youre paying it off.
A lender will usually add interest and fees to the amount you have borrowed. These must be set out in
your disclosure.
Interest is what a lender charges you for having the use of their money. There are rules about how a
lender charges interest. A lender may also charge fees for setting up the contract and managing it. Any
fees must be reasonable and based on the lenders costs.
If you think the interest and fees are too high, dont sign the contract ask to take the contract away and
get some independent advice.
Before you sign, you need to think very carefully about what youre agreeing to and whether you can
afford it. By signing a contract, you are agreeing to its terms and to meet your end of the deal.
If you change your mind and want to cancel the contract, you only have a very short time to cancel after
signing up and you may still have to pay fees.
You can end a contract at any time by repaying what you owe, but you may have to pay extra fees if you
pay it back earlier than originally agreed.
If you break the terms of your contract for example, if you miss a repayment or go over your credit limit
you will probably have to pay a late fee or default interest.
Your lender may have security over something you own, which means that they can seize and sell this if
you break the terms of your contract. For example, if your lender has security over your car and you miss
repayments on your loan, your lender could seize your car and then sell it if you dont catch up on the
missed repayments.
Late fees, default interest and any security interest must be set out in your contract, so check before you
sign.

Ayson, Rola C.
From http://www.comcom.govt.nz/consumer-credit/contracts-before-6-june-2015/borrowing-money

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