BSP Circular No. 751 (2012)

(NAR) VOL. 23 NO. 1, JANUARY - MARCH 2012

[ BSP CIRCULAR NO. 751, March 16, 2012 ]

AMENDMENTS TO FOREIGN EXCHANGE REGULATIONS

Adopted: 16 March 2012 Date Filed: 29 March 2012 Pursuant to Monetary Board Resolution No. 336 dated 2 March 2012, the Manual of Regulations on Foreign Exchange Transactions (FX Manual) issued under Circular No. 645 dated 13 February 2009, as amended is further revised as follows:

“Section 101. Reportorial Requirements. The following reports are required to be submitted to the BSP by AABs, OBUs, and AAB-forex corps, where applicable:” Title of Report Submission Submission Frequency/Deadline Procedure Category A. Consolidated Report on Foreign Exchange Assets and Liabilities x x x G. Custodian Banks/Remitting AABs A-2 Statement of Remittance Daily, within two Hard copy to IOD Report (for Registered (2) banking days Foreign Direct from the date of Investments), together actual remittance with supporting documents required under Items C.1(b) and C.2 of Appendix 1 and Appendix 11 A-2 Consolidated Daily Daily, within two Softcopy to IOD at Foreign Portfolio (2) banking days [email protected] Investment Registration from transaction supported by hard and Outward Remittance date copies of Report, together with supporting supporting documents documents listed required under Items under Appendices C.1(a) and C.2 of 1, 10 and 11 Appendix 1 and Appendices 10 and 11 x x xThe following Appendices to the FX Manual have likewise been revised:

1. Appendix 6.1: To increase the ceiling for importations under documents against Acceptance (D/A) – Open Account (O/A) arrangements that will not be required to be supported by documents to be submitted to International Operations Department (IOD) from US$50,000 to US$500,000 (Attachment [*] 1 ) 2. Appendices 8 and 9: 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 [*] [*] (Attachments 2 and 3 ) Repealing Clause. This Circular supersedes/amends/modifies the provisions of existing circulars, memoranda and/or other regulations that are inconsistent herewith. Effectivity. This Circular shall take effect 15 calendar days after its publication either in the Official Gazette or in a newspaper of general circulation in the Philippines. For the Monetary Board:

(SGD.) AMANDO M. TETANGCO, JR. Governor [*] Text Available at Office of the National Administrative Register, U.P. Law Complex, Diliman,Quezon City