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BSP Approves Further Revisions to Foreign Exchange Regulations

03.16.2012

In line with the Bangko Sentral ng Pilipinas’ (BSP) continuing thrust to facilitate trade transactions, and simplify reporting requirements, the Monetary Board has approved  the following amendments to the Manual of Regulations on Foreign Exchange Transactions (FX Manual):

a. Increase in the ceiling for importations under D/A-O/A arrangements that will not be required to be supported by documents to be submitted to the BSP-International Operations Department (IOD) from US$50,000 to US$500,000 (Appendix 6.1 of the FX Manual). Other documentary requirements prescribed under Appendices 4, 5 and 7 of the FX Manual shall continue to be complied with.

b. Lifting of the submission by banks and AAB-forex corps to BSP of hard copies of the “Consolidated Daily Foreign Portfolio Investment Registration and Outward Remittance Report” [Section 101 (item g) of the FX Manual]; supporting documents listed in Appendices 1, 10 and 11 of the FX Manual shall, however, continue to be submitted by banks; and

c. Amendments of Appendices 8 and 9 of the FX Manual to reflect the revised List of Regulated and Prohibited Products for Exports as approved by the Inter-Agency Committee on Executive Order No. 1016 under its Resolution No. 01 dated 29 November 2011.

The implementing circular will be issued shortly.

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