Yes, however, amounts in excess of the equivalent of US$10,000.00 are required to be declared upon physical entry into the country. Funds remitted outside the banking system cannot be registered as foreign equity investment with the SEC and Bangko Sentral ng Pilipinas or BSP.
BSP registration is necessary only if the investor wants to make sure that the repatriation of capital and the remittance of dividends, profits, and earnings can be made using foreign exchange sourced from the banking system. Otherwise, BSP registration is not necessary.
An investor is required to convert his inward remittance of foreign investment to Philippine pesos for purposes of registration with the BSP.
Dividend and profit remittances as well as capital repatriation of foreign investments are not regulated. Foreign investors are free to remit dividends and profits from their own foreign exchange sourced from outside the domestic banking system. However, if the foreign exchange will be sourced from the local banking system, there is a need for the continue reading : What are the current regulations regarding profit remittances and repatriation of capital?