BSP approves amendments to forex manual

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The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has
approved further amendments to the Manual of Regulations on Foreign Exchange Transactions (FX Manual).
In a statement, BSP Governor Amando Tetangco Jr. said the
amendments to the manual are a part of continuing efforts to promote an appropriate regulatory framework for foreign exchange transactions.
“These measures will broaden investment options available in the
domestic capital market and allow freer capital mobility,” the BSP
said.
The central bank said that the amendments now allow registration by custodian banks of non-resident investments in the Philippine Stock Exchange (PSE)-listed equity securities of non-residents.
It also allows the conversion of foreign exchange by non-resident issuers of the peso proceeds from the sale of their PSE-listed equity securities.
The amendments also allow prepayments of BSP-registered short-term (ST) loans, subject to standard documentary requirements of foreign exchange purchases.
MAYVELIN U. CARABALLO

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