BSP to further relax forex rules

A draft circular on the proposed amendments to foreign exchange regulations covering foreign investments is being circulated.

- LAWRENCE AGCAOILI

For one, the BSP plans to waive the charge on the registration of foreign, foreign currency loans, inward investments, and other foreign exchange transactions.

On the sale of foreign exchange for non-trade current account transactions of residents with non-residents, the BSP may allow the sale of foreign exchange by authorized agent banks without need for prior central bank approval to cover payments for nontrade current account transactions.

Furthermore, authorized agent banks can now sell foreign exchange to non-resident tourists and balikbayans to the extent of the amount of FX shown to have been sold for pesos by the non-residents to banks.