BSP approves more changes to forex rules

The Bangko Sentral ng Pilipinas BSP) has approved more amendments to its regulations to further facilitate the access of authorized agent banks to foreign exchange resources and streamline documentary requirements, procedures as well as reporting.

- KEISHA TA-ASAN

"This is part of the continuing efforts of the BSP to review the forex regulatory framework and support the country's thrust to promote a policy environment conducive to sustained inflow of investments to help foster economic development and growth," the central bank said.

In a circular signed by BSP Governor Eli Remolona Jr. on April 11, the BSP amended the provisions of the Manual of Regulations on Foreign Exchange Transactions to allow more forms of foreign investments to be registered upon reporting by authorized agent banks (AABs).

The changes also included the issuance of BSP registration documents (BSRDs) for these investments and streamlined the reporting forms and procedures related to these foreign investments.