BSP relaxes rules on documentation of foreign loans, other obligations

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MONETARY authorities have approved the further relaxation of the rules on documentation of foreign loans and other obligations, according to a statement released Friday by the Bangko Sentral ng Pilipinas (BSP).

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“The move is part of continuing efforts to have an appropriate regulatory framework for foreign exchange (FX) transactions,” BSP Governor Amando Tetangco 2nd said.

BSP said that its policy-making body, Monetary Board, has lifted the prohibition on notarization of documents covering foreign loans, deferred payment, and other foreign or foreign-currency denominated obligations of the private sector.

Previously, such documents of both the public and private sectors were prohibited from being notarized, it noted. MAYVELIN CARABALLO

MC/BF

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