The central bank said its policy-making Monetary Board has made further adjustments to its foreign currency regulations to align them with the more liberalized banking industry, which now allows full entry of foreign lenders into the Philippines.
In a statement on Wednesday, the Bangko Sentral ng Pilipinas (BSP) announced the approval of the amendments to the Manual of Regulations on Foreign Exchange Transactions (FX Manual) to align the same with the provisions of Republic Act (RA) 10641 (An Act allowing the Full entry of Foreign Banks in the Philippines) and BSP Circular 858 implementing the said law.
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