Philippines is well known for its eye-catchy beaches and tasty fruits. More than 170 languages are spoken across the country, but the most common among them all is Tagalog (Filipino), followed closely by English. The Philippines is one of the major choices for many Indians in the case of tourist destinations. Also, Indians are attracted by the high standards of medical colleges and MBBS universities in Philippines.
Why do Indians prefer the Philippines?
# As a tourist destination:
- Beautiful sights.
- Adventurous diving Spots.
- Sociable people
- Attractive beaches and Islands.
- Tasty cuisines
- Well-kept antiquity of the Philippines.
# As a hub for medical education:
- Largest English – Speaking country in the Southeast Asian region.
- Similar cultural and climate as of India.
- The medical degree is recognized by the MCI, WHO, WFME and FAIMER.
- No need to learn local languages
- Affordable lifestyle and direct admission.
- Low cost of living compared to other foreign countries.
How much foreign currency can one carry from India to the Philippines?
The highest amount one can carry in currency notes to the Philippines is restricted to USD 3,000 or its equals thereof per person/ visit. As per RBI guidelines, only Resident Indian Citizens are eligible to draw foreign exchange for various purposes.
How much foreign remittance can one do to the Philippines?
The Reserve Bank of India has set certain limits for international money transfers. Under the Liberalized Remittance Scheme (LRS) of RBI, all resident individuals can freely remit up to USD 250,000 per financial year. The limit of $250000 can be used in a single forex transaction or multiple forex transactions combined in a financial year. The foreign currency you are carrying to the Philippines also comes under the LRS limit.
Documents Required to buy foreign currency:
One can buy foreign currency from any of the authorized agents by providing the required KYC documents. These documents mainly include:
- Passport.
- A2 Form.
- Pan Card.
