11.14.2014 The Bangko Sentral ng Pilipinas (BSP) is reminding the public that effective 19 April 2015, applications for registration of foreign direct investments (FDIs) shall be filed with the BSP not later than one (1) year from the date of actual inward remittance of funds/transfer of assets to the Philippines.
The prescriptive period is contained in BSP Circular No. 794 dated 18 April 2013. The change intends to strengthen the ability of the BSP to capture current data on FDIs. A two (2)-year transition/grace period was allowed under the Circular, such that for existing unregistered FDIs, applications for registration may be filed with the BSP up to 18 April 2015, regardless of the time when the funds/assets were transferred to the Philippines. After said date or starting 19 April 2015, the one (1)-year prescriptive period shall apply.
Foreign investors or their duly authorized representatives are, therefore, enjoined to file requests for registration of such investments soonest, as applications will be processed on a first-come first-served basis, provided all requirements are complied with. The checklist of requirements is found in Appendix 10 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual) which may be downloaded from the BSP website at http://www.bsp.gov.ph/downloads/Regulations/MORFXT/MORFXT.pdf.
The BSP also wishes to clarify that registration of foreign investments is optional and is required only if the foreign exchange for repatriation of capital and the remittance of earnings will be sourced from authorized agent banks or their affiliate foreign exchange corporations.
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