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Reminder on the Temporary Window for Registration of Private Sector Foreign Loans/Borrowings

06.29.2018

Bangko Sentral ng Pilipinas (BSP) is reminding the public that under Circular No. 985  dated 22 December 2017 (effective 15 January 2018), BSP has provided a six-month temporary window (from 15 January 2018 up to 15 July 2018) during which unregistered private sector foreign loans/borrowings (without guarantee from the public sector) obtained without the requisite prior approval from BSP that are outstanding and booked in the borrower’s record as of date of the said Circular may be applied for BSP registration [through the International Operations Department (IOD)]. Private sector borrowers shall, within the duration of the temporary window, submit a duly accomplished “Application for Registration of Private Sector Foreign Loans/Borrowings, ” together with the documents required therein and proof of payment of the applicable registration fee due to BSP. After said period, the requirements for registration of private sector foreign loans/borrowings provided under Section 24 of the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended, shall apply.

Concerned parties are, therefore, urged to file their requests for registration soonest to avoid crowding of applications towards the end of the temporary window. Applications will be processed on a first-come, first-served basis, provided all requirements are complied with.

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