Short-term loans
CIRCULAR NO. 65 Series of 1995
Pursuant to Monetary Board Resolution No. 201 dated February 22, 1995, Section 25.2 of Circular No. 1389 dated April 13, 1993 (Consolidated Foreign Exchange Rules and Regulations), as amended, is hereby modified to read as follows:
"25.2 Short-term loans shall finance exclusively foreign exchange requirements of eligible projects except as may be specifically allowed under this Circular. Medium and long term loans may finance foreign exchange costs as well as local costs (excluding working capital) of eligible projects.
This Circular shall take effect immediately.
For The Monetary Board,
GABRIEL C. SINGSON Governor
More in BSP Circulars
- Issuance of guidelines regarding the mandatory allocation of funds for agrarian reform and agricultural credit as provided under PD No. 717(BSP Circular No. 190)
- Amendments to Subsection X162.9 of the Manual of Regulations for Banks on the Publication/Posting of Balance Sheet(BSP Circular No. 576)
- Amendments to the provisions of Appendix 16 of the Manual of Regulations for Banks pertaining to Subsec. 2274 and 3274(BSP Circular No. 426)
- Additional sections to the Manual of Regulations on the powers and authority of the Board of Directors(BSP Circular No. 283)
- Policy guidelines that shall govern the grant of import authority under documents against acceptance (D/A)/open account (O/A) arrangements(BSP Circular No. 1368)
- Amendment to the Regulation on Interlocking Directorships and/or Officership of Representatives of Government(BSP Circular No. 953)
- Amendments to the Manual of Regulations for Banks and Other Financial Intermediaries(BSP Circular No. 39)
- Amendments to the Manual of Regulations for Banks Sunsection X309.1(BSP Circular No. 351)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.