Tuesday, July 16, 2013

Manual of Regulations on Foreign Exchange

Manual of Regulations on Foreign Exchange - Bangko Sentral ng ...Sections 1 - 2 10.12.31 PART FIVE MANUAL OF REGULATIONS ON FOREIGN EXCHANGE TRANSACTIONS PART ONE. CURRENT ACCOUNTS for Non - Trade Current Account Transactions with Non-Residents. AABs Chapter I and AAB-forex corps may sell foreign exchange to residents to cover payments NON-TRADE FOREIGN EXCHANGE to non-resident beneficiaries for non-trade RECEIPTS AND DISBURSEMENTS, current account purposes ( e . g . , CROSS-BORDER TRANSFER OF LOCAL educational expenses, medical expenses, AND FOREIGN CURRENCIES, AND travel expenses and salaries of foreign GOLD

TRANSACTIONS expatriates) other than those relating to foreign / foreign currency loans and Section 1. Disposition of Foreign Exchange investments, without need for prior BSP Receipts. Foreign exchange receipts, approval, subject to the the submission/ acquisitions or earnings of residents from presentation of the following to the foreign non-trade sources may be used freely for exchange selling institution: any purpose. Such proceeds may, at the option 1. For sales not exceeding USD60,000 of said residents, be sold for pesos, retained or its equivalent in other foreign currency or deposited in foreign currency accounts, - Duly accomplished application to whether in the Philippines or abroad. purchase foreign exchange using the Resident shall refer to: prescribed format (Annex A); a . an individual citizen of the 2. For sales exceeding USD60,000 or Philippines residing therein; or its equivalent in other foreign currency b. an individual who is not a citizen - Duly accomplished application to of the Philippines but is permanently purchase foreign exchange using the 1 residing therein; or prescribed format ( A n n e x A ) a n d c. a corporation or other juridical supported by documents prescribed under person organized under the laws of the Item "A" of Appendix 1 . Philippines; or The authority to purchase foreign d. a branch, subsidiary, affiliate, exchange for non-trade current account extension office or any other unit of purposes does not include purchases of corporations or juridical persons which are foreign exchange for direct credit to or organized under the laws of any country and deposit in the purchasers’ foreign currency operating in the Philippines, except OBUs. deposit unit account. Non-resident shall refer to an All foreign exchange purchases for non- individual, a corporation or other juridical trade current account transactions shall be person not included in the definition of directly remitted to the intended non- resident. resident beneficiary’s account (whether offshore or onshore). Exceptions to this rule Section 2....

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