Tuesday, July 16, 2013

Manual of Regulations on Foreign Exchange Transactions

Manual of Regulations on Foreign Exchange TransactionsBack to top Manual of Regulations on Foreign Exchange Transactions Page 2 of 93 Back to top FOREWORD The Manual of Regulations on Foreign Exchange Transactions, hereinafter referred to as the “Manual”, is a consolidation of all regulations governing foreign exchange transactions. This Manual replaces Circular No. 1389 dated 13 April 1993, as amended, which was the first consolidation of foreign exchange regulations. This is an enhanced and complete version of Circular No. 1389, as amended, as it incorporates all amendments made since 1993 and consolidates all regulations on foreign exchange and related transactions. The Manual, which shall be updated upon effectivity of subsequent amendments made thereto as approved by the Monetary Board, is posted on the BSP website (www.bsp.gov.ph)

and has hyperlink features to allow users easy access to different sections, appendices, annexes, reports, relevant laws and issuances, and related websites. In providing users easy access to information, the Manual is expected to facilitate compliance with existing regulations and requirements governing foreign exchange and related transactions. AMANDO M. TETANGCO, JR. Governor Page 3 of 93 Back to top MANUAL OF REGULATIONS ON FOREIGN EXCHANGE TRANSACTIONS List of Acronyms/Abbreviations AABs Authorized Agent Banks AAB-forex corps subsidiary/affiliate foreign exchange corporations of AABs AFS Available for Sale Financial Assets ASEAN Association of Southeast Asian Nations AWB airway bill BIR Bureau of Internal Revenue B/L bill of lading BOI Board of Investments BOT Build-Operate-Transfer BSP Bangko Sentral ng Pilipinas BSRD Bangko Sentral Registration Document BT Build and Transfer BTRCP Bureau of Trade Regulation and Consumer Protection CIR certificate of inward remittance Coop Banks cooperative banks D/A documents against acceptance DFP Duty Free Philippines, Inc. DOF Department of Finance DOSRI directors, officers, stockholders and their related interests D/P documents against payment DR direct remittance DTI Department of Trade and Industry EFCDU Expanded Foreign Currency Deposit Unit FCDU Foreign Currency Deposit Unit HO Head Office HTM Held to Maturity IPOs initial public offerings IPP Investment Priorities Plan KBs Commercial Banks L/C letter of credit MORB Manual of Regulations for Banks MTPIP Medium-Term Public Investment Program NEDA National Economic and Development Authority NBBSEs non-bank BSP-supervised entities NBFIs non-bank financial institutions O/A open account OBU offshore banking unit PAS Philippine Accounting Standards PDIC Philippine Deposit Insurance Corporation PSE Philippine Stock Exchange Page 4 of 93 Back to top QIs qualified investors RBs rural banks SEC Securities and Exchange Commission SES Supervision and Examination Sector TBs thrift banks UBs universal banks Table of Contents General Policy PART ONE. CURRENT ACCOUNTS Chapter I NON-TRADE FOREIGN EXCHANGE RECEIPTS AND DISBURSEMENTS, CROSS-BORDER TRANSFER OF LOCAL AND FOREIGN CURRENCIES, AND GOLD TRANSACTIONS Section 1. Disposition of Foreign Exchange Receipts Section 2. Sale of Foreign Exchange to Residents by AABs and AAB-Forex Corps for Non-Trade Current Account Transactions Section 3. Peso Accounts of, and Sale of Foreign Exchange to, Non-Residents Section 4. Cross-Border Transfer of Local and Foreign Currencies Section 5. Buying and Selling of Gold by Residents Chapter II FOREIGN MERCHANDISE TRADE TRANSACTIONS A. IMPORT TRADE TRANSACTIONS Section 6. General Policy Section 7. Classification of Imports Section 8. Modes of Payment for Imports Section 9. Letter of Credit (L/C) Section 10. Documents...

Website: www.bsp.gov.ph | Filesize: 1320kb
No of Page(s): 93
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