In line with the thrust of the Bangko Sentral ng Pilipinas (BSP) to promote a policy environment that is market-oriented and supportive of the Philippine economy’s sustained expansion, the BSP, through the International Operations Department (IOD), ensures that the country’s foreign exchange (FX) regulatory framework remains appropriate for the needs of a dynamic and expanding economy.
The BSP has undertaken various liberalization measures to ease FX rules to facilitate the FX transactions by banks, public and private corporates/entities, small and medium enterprises, overseas Filipinos, and the public in general.
The liberalization is being undertaken in a well-calibrated manner, giving due consideration to prevailing domestic and international economic and financial conditions, while ensuring that timely prudential mechanisms (e.g., documentary/reportorial requirements) and safeguard measures remain in place to allow the BSP to:
- adopt necessary measures to address any perceived emerging concern/problem; and
- maintain its ability to capture timely, reliable and comprehensive data for its various needs, such as policy review and formulation, analysis of trends and developments (e.g., volatility in capital flows), statistics and report generation.