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Regulations

Manual of Regulations on Foreign Exchange Transactions
(updated as of 08 March 2019)

Amendments and clarifications to the Manual of Regulations for Foreign Exchange Transactions Issued Under Circular No. 645 dated 13 February 2009

Amendatory Circular

Date

Section Amended

Circular Letter No. CL-2009-071

9 November 2009

Amended Item 3: "Extensions" in Appendix 6

Circular Letter No. CL-2010-009

5 February 2010

Amended documentary requirements for investment in
PSE-listed securities in Appendices 1 and 10

Circular No. 690

23 June 2010

Amended the definition of "Customers" in
Section 89

Circular No. 698

5 November 2010

Amended Sections 2 , 3, 13, 29, 40 and 44; Annexes A, B, and C; Appendices 1 and 7

Circular No. 724

13 June 2011

Amended definition of Socialized and Low-Cost Housing under the Glossary of Terms

Circular No. 742

21 November 2011

Amended Sections 6, 9, 13, 22, 23, 24, 25, 28, 34, 35, and 44; Appendices 1, 7, 10, 10.3A, 10.3B, and 20; Annexes B, C, D.1, D.2, E.1, E.2, and F

Circular No. 743

15 December 2011

Amended Section 36

Circular No. 751

16 March 2012

Amended Section 101; Appendices 6.1, 8 and 9

Circular No. 794

18 April 2013

Revised/included Sections 2, 3, 4, 18, 22, 24, 29, 31, 32, 33, 35, 36, 37, 40, 41, 42, 44, 76, 91, 92, 101; Appendices 1, 1.1, 2, 3, 3.1, 10, 10.2, 10.3A, 10.3B, 11, 15.1, 18, 19 and 20; and Annexes A, D.2, D.3, E.1, E.2, E.3, E.4, K, O, V, W and X; and included the definitions of “Parent Company” and “Subsidiary” under the Glossary of Terms

Circular No. 815

18 October 2013

Amended Sections 3, 37 and 101; and Appendices 1, 1.1, 10, 11; Added Appendices 1.2, 11.1A, 11.1B, and Annex Y

Circular No. 818

6 November 2013

Amended Sections 6, 22, 23, 24, 29, 36; and added/revised Appendices 1, 2, 6.1, 10, 10.1 and 18; and Annexes E.3, N
and W

Circular No. 838

20 June 2014

Amended Section 37; and Appendices 10 and 10.4

Circular Letter No. CL-2014-039

3 July 2014

Clarified Section 6 of Circular No. 818 dated 6 November 2013

Circular No. 874

8 April 2015

Amended Sections 4, 8, 11, 18, 22, 24, 101; and Appendices 1, 4, 6 and 18; Added Appendix 6.1 and Annexes Z and Z.1

Circular Letter No. CL-2015-069

5 November 2015

Clarified the following:
(a) Submission of "Application to Purchase Foreign Exchange" Form;
(b) Retention period for supporting documents covering sale of foreign exchange (FX) for payables under intercompany netting arrangements; and
(c) Resident investments in offshore foreign currency denominated mutual funds and unit investment trust funds (UITFs)

Circular No. 918

2 August 2016

Amended Section 36 and Appendix 10

Circular No. 922

23 August 2016

Amended Section 4

Circular No. 925

13 September 2016

Added Part One: Rules on Foreign Exchange Transactions consisting of two Chapters (I – General Provisions and
II – Resident to Resident Transactions); Amended Sections 2, 3, 6, 9, 22, 23, 24, 27, 28, 29, 30, 36, 40, 44, 73, 91, 101. Adopted definitions for foreign currency loans, non-trade current account transactions and non-trade transactions; Revised Appendices 1, 4 6, 6.1, 7, 18, 20, and Annexes A, D.2, D.3, H and V; Added Consolidated Report on Foreign Currency Loans Granted by Regular Banking Units

Circular No. 937

27 December 2016

Amended Sections 34, 45, 70, 71 and 97; and Appendices 10 and 19

Circular No. 946

17 February 2017

Amended Sections 73 and 75; and replaced Appendix 15.1 (Sworn certificate of Compliance with the FCDU/EFCDU Cover Requirements) with Appendix 15a (for UBs/KBs) and Appendix 15b (for TBs, RBs and Coop Banks).

Memorandum No. M-2017-023

26 July 2017

Provided clarification on the reporting of foreign exchange transactions under inter-company netting arrangements

Circular No. 984

22 December 2017

Amended Sections 3, 22, 23, 25, 30 and 31; Deleted Sections 26 to 29; Adopted definitions for foreign exchange, private sector loans/borrowings that are not publicly-guaranteed and publicly-guaranteed private sector loans/borrowings; Revised Appendices 1 and 20, and Annexes A, D.1, D.2, D.3, E.1, E.2 and E.3; Added Appendix 1.3, Annex E.4 and Annex E.5.

Circular No. 996

8 February 2018

Amended Sections 73 and 75; Revised Appendix 15a

Circular No. 1030

5 February 2019

Amended General Provisions for electronic submission of documents, Sections 3, 22, 24, 25, 30, 31, 32, 33, 34, 35, 36, 37, 38, 41, 42, 43, 44, 88, 90, 91, 101 relating to peso deposit of, and sale of FX to non-residents, foreign/foreign currency loans/borrowings and guarantees, and inward and investments; Deleted Sections 39 and 40; Revised
Appendices 1, 1.1, 1.3, 10.1, 10.4, 20 and Annexes A, D.1, D.2.A, D.2.B, E.1, E.2, E.3, G, H, I, J, V, W, X; Added
Appendices 1.4, 10.A, 10.B, 10.C, 18.1, 18.2, 21 and
Annexes U, AA, AB, AC, AD; Deleted Appendices 10, 10.2, 10.3A, 10.3B, 11, 11.1A, 12, 18 and Annex F.