Investments in peso time deposits referred to under Item 1 of Circular No. 224 dated 26 January 2000
CIRCULAR NO. CL-2007-052
To : All Banks and Non-Bank Financial Institutions Authorized to Engage in Trust Business
This is to clarify that investments in peso time deposits referred to under Item 1 of Circular No. 224 dated 26 January 2000 do not include Special Deposit Accounts (SDAs) with the BSP thru banks' trust entities under Circular No. 566 dated 3 May 2007 and Memorandum No. M-2007-011dated 8 May 2007 to all banks and non-bank financial institutions authorized to engage in trust business. Thus, foreign funds placed in said SDA facility are not eligible for registration as foreign investments
CELIA M. GONZALEZ Managing Director
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