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).
“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