Amendments to Foreign Exchange Regulations
BangKO SentraL ng PiliPinaS
OFFICE OF THE GOVERNOR
CIRCULAR NO. 742 Series of 2011
Subject: Amendments to Foreign Exchange Regulations
Pursuant to Monetary Board Resolution No. 1681 dated 10 November 2011,
revised as follows: Transactions issued under Circular No. 645 dated 13 February 2009, as amended are the following provisions of the Manual of Regulations on Foreign Exchange
imports are allowed. However, the importation of certain commodities are regulated or prohibited for reasons of public health and safety, national security, international "Section 6. General Policy. As a general rule, all kinds of merchandise
commitments, and development/rationalization of local industry.
Foreign exchange purchased from AABs/AAB-forex corps to service importations shall be directly remitted to the non-resident beneficiary on the date of purchase. However, foreign exchange purchases may be credited to FCDU deposit
Provided, That the importer shall execute a waiver of the requirements of Republic accounts of the importer pending remittance to the non-resident beneficiary:
Act No. 6426 (Foreign Currency Deposit Act) dated 4 April 1974, as amended, on the
the BSP to validate the authenticity of the credits and eventual remittance of the funds. secrecy of foreign currency deposits upon purchase of foreign exchange to enable
"Section 9.Letter of Credit (L/C)
only one L/C should be opened for each import transaction. For purposes of opening 1. All L/Cs must be opened on or before the date of shipment and
Amendments of L/Cs need not be referred to the BSP for prior approval. L/Cs shall an L/c, importers shall submit to the AAB the documents listed in Appendix 5.
shall be governed by the Uniform Customs and Practices on Documentary Credits. be negotiated in accordance with the terms and conditions set forth in the L/C and
those with payment terms of more than one year reckoned from initial shipment d ate. Chapter 1 hereof (Loans and Guarantees). For this purpose, deferred L/Cs refer to 2. Deferred L/Cs shall be governed by the pertinent provisions of Part Two,
exchange to importers without prior BSP approval for advance payment for importations. subject to the guidelines under Appendix 7 hereof, including documents prescribed thereunder. The foreign exchange selling/remitting AAB shal "Section 13. Advance Payment. AABs and AAB-forex corps may sell foreign
A. Mabini St., Malate 1004 Manila, Philippines (632) 524-7011 - www.bsp.gov.ph - [email protected]
report these transactions to the BSP-International Operations Department (IOD) using the prescribed forms (Annexes B and C)."
servicing capacity. All public and publicly-guaranteed private sector obligations from these creditors and other financing schemes/arrangements shall require prior serviced in an orderly manner and with due regard to the economy's overall debt foreign creditors, OBUs and Foreign Currency Deposit Units (FCDUs)/ Expanded Foreign Currency Deposit Units (EFCDUs) of banks shall be referred to the BSP for approval and/or registration by the BSP if these will ultimately involve foreign currency loans to ensure that principal and interest owed to creditors can be exchange to be purchased from AABs or AAB-forex corps. prior approval, unless otherwise indicated herein. Other private sector loans from "Section 22. General Policy. The BSP shall regulate foreign/foreign
1. The required BSP approval shall be obtained as follows:
a. For public sector loans -- Applications for loan approval shall be filed
the required supporting documents/information, before commencement of actual negotiations, or before issuing a mandate of commitment to foreign funders/arrangers. with the BSP using the prescribed form (Annex D.1) together with all
b. For private sector loans -- Applications for loan approval shall be filed with the BSP using the prescribed form (Annex D.2) together with all the required supporting documents/information, at least 30 banking days before the target signing date of the: loan documents and/or initial drawdown date, whichever is earlier.
Private sector ioans submitted for BSP approval shall be assessed a processing fee indicated under Appendix 20 hereof.
the BSP-IOD their annual foreign borrowings plan as follows: Iong-term foreign loans or issue bonds/notes/debt securities offshore shall submit to 2. Resident companies/entities intending to obtain medium- and
a. Public sector entities, including the National Government - every end-September for borrowings for the following year, regardless of amount; and
b. Private sector entities, with planned aggregate annual borrowings of at least USD10 million, or its equivalent -- every end-September for borrowings for the following year.
Page 2 of 6
The timetable and any changes on the submitted foreign borrowings plan shall be communicated to the BSP-IOD within two (2) weeks upon availability of information for monitoring and programming purposes.
3. Private sector loans that are submitted to the BSP for approval or registration that were not included under a foreign borrowings plan as required in item 2 of this Section shall be assessed an additional fee equivalent to ten percent (10%) of the applicable processing fee for BSP approval/registration, as indicated under Appendix 20 hereof.
4. For statistical purposes, all foreign loans obtained by private sector entities, whether or not these are BSP-approved/registered, shall be regularly reported to the BSP-IOD, using the prescribed forms (Annexes E.1 and E.2) within the required deadline until the obligations are fully extinguished.
5. AABs shall not extend peso financing to non-residents unless explicitly allowed under existing BSP rules."
be required for the following loans: "Section 23. Loans Requiring Prior BSP Approval. Prior BSP approval shall
X XX
proceeds already drawn shall no longer be eligible for BSP approval and Applications submitted to the BSP with signed loan documents and/or loan
registration."
may be granted without prior approval of the BSP: "Section 24. Loans Not Requiring Prior BSP Approval. The following ioans
X X X
9. Loans of resident private sector borrowers from FCDUs/EFCDUs/offshore sources that are not publicly-guaranteed to finance infrastructure projects included in the Government's list of Public Private Partnership (PPP) projects: The exemption
from the effectivity of this Circular." of these loans from prior BSP approval shall be valid up to three (3) years reckoned
"Section 25. Projects/Costs Eligible for Foreign Financing
1. Loans submitted for prior BSP approval shall finance the following types of projects/activities:
a. Export-oriented projects; b. Projects registered with the BOI;
Page 3 of 6
d. Activities listed in the current Medium-Term Public investment c. Priority investment areas under the current Investment Priorities Plan e Deveiopment of industrial estates and economic zones; Program (MTPIP); (IPP)
5 Socialized/Low-cost housing projects; g. Acquisition of non-performing assets/Ioans (NPAs/NPLs) of banks and
k. Microfinance activities. h. Acquisition of government assets approved for privatization; Other projects that may be declared priority under the country's Refinancing of existing loans used for eligible projects/costs which are eligible for servicing using foreign exchange sourced from AABs or Development Authority or by Congress; AAB-forex corps.; and socio-economic development plan by the National Economic and other GFIs;
X X X
"Section 28. Registration of Loans
foreign exchange purchased from AABs or AAB-forex corps. Applications for approval but are submitted to the BSP for registration shalt be charged a processing fee indicated in Appendix 20 hereof. Public sector loans extended final approval by the Monetary Board are deemed registered. x x x" registration of private sector loans shall be filed by the borrower with the BSP within ten (10) banking days from drawdown date for short-term loans and three (3) months from utilization of loan proceeds for medium and long-term loans using the prescribed forms (Annex D.2). Private sector loans that do not require prior .BSP 1. Loans shall be registered with the BSP to be eligible for servicing using
investments may be in cash or in kind. For registration purposes, foreign exchange funding for the cash investments must be inwardly remitted but need not be converted to pesos. x x x" "Section 34. Inward Foreign Direct Investments. Inward foreign direct
investments shall include following: "Section 35. Inward Foreign Portfolio Investments. Inward foreign portfolio
X X X
investments must be inwardly remitted and converted to pesos. For registration purposes, the foreign exchange funding for the portfolio
Page 4 of 6
"Section 44. Investments by Philippine Residents
X X X
dividends/earnings or divestment proceeds from outward investments and 3. Foreign exchange received by residents as
foreign exchange purchased from AABs or AAB-forex corps, need not be inwardly remitted and sold for pesos." investments in bonds/notes issued by residents offshore that were funded with
been revised: The following Appendices to and Annexes of the FX Manual have likewise
1. Appendix 1: Minimum Documentary Reguirements for the Sale of Foreign
2. Appendix 7: Guidelines for the Sale of Foreign Exchange to importers by Exchange for Non-Trade Purposes (Attachment 1)
(Attachment 2): AABs and AAB-Forex Corps for Advance Payment of Imports
3. Appendix 10: Procedures and Documentation Requirements for the
Registration of Inward Foreign Investments (Attachment 3) 4 Appendix 10.3.A: Sworn Certification [Suggested Format for Stock
Corporation/Investee Firm (Attachment 4)] 5 6. Appendix 20: Fees Charged on Foreign Exchange Transaction Processed Appendix 10.3.B: Sworn Certification1 Branch/Representative Office/Regional Headquarters/Regional Operating Headquarters (Attachment 5)] [Suggestedformat fo
by the BSP (Attachment 6) I Annex B: Monthly Report on Sale/Remittance of Foreign Exchange for
8 9 Annex D.1: Application Form for Approval of Foreign Loans' of Advance Payment of Importations (Attachment 7); Annex C: Monthly Report on Purchase of Foreign Exchange from Refund of Advance Payment of Importations (Attachment 8);
10. Annex D.2: Application Form for Approval or Registration of Foreign Loans Public Sector Entities (Attachment 9)
11. Annex E.1: Report on transactions on short-term foreign loans of Private Sector Entities (Attachment 10)
12. Annex E.2: Report on foreign borrowings for medium- and long-term (Attachment 11)
Ioans (Attachment 12) 13. Annex F: Report on Short-Term Loans Granted to Residents by Foreign Banks (Attachment 13)
of existing circulars, memoranda and/or other regulations that are inconsistent herewith. Repealing Clause. This Circular supersedes/amends/modifies the provisions
Page 5 of 6
either in the Official Gazette or in a newspaper of general circulation in the Philippines. Effectivity. This Circular shall take effect 15 calendar days after its publication
FOR THE MONETARY BOARD:
MN
AMANDO M. TETANGCO, JR. ( Governor
Zl November 2011
Page 6 of 6
"Attachment 1"
APPENDIX 1
Page 1of 10
Minimum Documentation Requirements* for the Sale of Foreign Exchange (FX) for Non-Trade Purposes by Authorized Agent Banks (AABs)/AAB-Forex Corps
A Sale of FX for Non-trade Current Account Purposes under Section 2 of the Manual of Regulations on
FX Transactions (FX Manual)
1 Foreign travel funds Purposes Applicant's passport and ticket (All originals except as indicated) Documents Required
2 Educational expenses/student Photocopy of proof of enrolment with, or billing statement
maintenance abroad from, school abroad
3 Correspondence studies Photocopy of proof of enrolment with, or billing statement
from, school abroad
4. Medical expenses Photocopy of billing statement (for services rendered/expenses incurred abroad) or certification issued treatment/service to be administered/ rendered) by doctor/hospital abroad indicating cost estimate ( for the
S Emigrants' assets (including inheritance, legacies, and income from a. Photocopies of: i. Emigrant's visa or proof of residence abroad;
properties) ji. Notarized Deed of Sale of assets in the Philippines jii. Proof of income received from properties in the (e.g., real estate, vehicles, machineries/ equipment, etc.); and Philippines
b. In the absence of the emigrant, a notarized Special Power representative/agent. original of SPA authenticated by Philippine consulate abroad. of Attorney If SPA was executed abroad, SPA) for emigrant's
6. Salary/bonus/dividend/other benefits savings) of foreign nationals (including peso a. Employment contract/Certification of employer showing had been paid in FX or in pesos; if in FX, proof that the FX amount of compensation paid to the foreign national during the validity of the contract, stating whether same
was previously sold for pesos to AABs; b. ACR I-Card and DOLE Alien Employment Permit of the c. Applicant's notarized certification that the FX remitted is foreign national; net of local expenses incurred and/or previous transfers abroad; and d.: if amount to be remitted comes from sources other than
sources supported by appropriate documents should be salaries/compensation, information regarding the submitted.
1) All purchases of FX must be accompanied by duly accomplished application to purchase FX using the 2) It is understood that when a bank certification regarding its client's deposit account is required, the owner of the account should have executed a notarized waiver of secrecy of its deposit. prescribed format
"Attachment 1"
APPENDIX 1
Page 2 of 10
I Foreign nationals' income taxes due to ACR-I Card and DOLE Alien Employment Permit; and
foreign governments b Photocopy of income tax return covering the income
tax payment sought to be remitted
8. Sales proceeds of foreign nationals' domestic assets a b Photocopy of proof of sale of asset/s indicating currency of payment ACR I-Card; and
9. Producers' share in movie revenue/TV I a. Statement of remittable share rental or rental; and
film rentals b Photocopy of contract/agreement
10. Export commissions due to foreign agents b D Photocopy of contract/agreement Billing statement from non-resident agent; and
11. Freight charges on exports/imports a b Photocopy of contract/agreement Billing statement; and
12. Charters and leases of vessels/aircrafts b. Billing statement from non-resident lessor/owner of vessel/aircraft; and Photocopy of contract/agreement 13. Leases of equipment and other capital a Billing statement from non-resident lessor and/or
goods owned and/or leased by non-resident entities to residents b. Photocopy of contract/agreement; and owner of the equipment and other capital goods;
C Shipping documents
14. Port disbursements abroad for aircraft and vessels of Philippine registry or a b Photocopy of contract/agreement Billing statement; and
chartered by domestic operators and salvage fees 15. Satellite and other Telecommunication services a b Billing statement; and Photocopy of contract/agreement 16. Other services provided by for initial public offering involving Philippine shares, consultancy, information technology) non-residents (such as advertising, underwriting including brokers' fees For underwriting fees/commissions/related expenses: O Billing statement; and Photocopy of contract/agreement Copy of the international underwriting agreement or
e
b fees/commissions and related expenses and offer price; Detailed computation of the amount subject for similar agreement/contract which shows the
remittance certified by the authorized officer of the
Proof of listing of the IPO shares in the PSE issuer; and
For Foreign Broker's Commission
Certified true copy of the covering purchase invoice or d
b sales invoice, as the case may be, reflecting the commission due the foreign broker/dealer client; and Detailed computation/allocation of the commission due
the foreign broker/dealer client for each purchase transaction
"Attachment 1"
APPENDIX 1 Page 3 of 10
17. Share in Head Office Expenses (including reimbursements) a C b BSRD for the assigned capital in the branch; Audited schedule/s of allocation of expenses for the period/s covered; Certification from the Head Office that the share in
d. Audited financial statements of the Philippine branch Head Office expenses remains unpaid and outstanding; and
18. Insurance/reinsurance premium due to foreign insurance companies Billings/invoices of insurance companies/ brokers abroad
19. Claims against domestic insurance companies by brokers abroad Billings/invoices from foreign insurer/ reinsurer
20. Net Peso revenues of foreign airlines/shipping companies a b. Statement of Net Peso Revenues (Peso revenues less Photocopy of contract/agreement expenses) certified by authorized officer of airline/shipping company; and
21. Royalty / copyright /franchise / patent/ licensing Fees b. a. Statement/computation of the royalty/ copyright/franchise/patent/licensing fee; and Photocopy of contract/agreement.
22. Net Peso Revenues of embassies/consulates of foreign countries officer Statement of net peso revenues (Peso revenues less expenses) certified by the Embassy's/Consulate's authorized
23. FX obligations of Philippine credit card companies to international credit card companies/non-resident merchants Summary billings
24. Refund of unused foreign grant/aid by from non-residents funded by inward Pesos through AABs remittance of FX that was converted to a Q grant/aid; amount of grant/aid; and Copy of the contract/agreement covering the foreign Request from grantor for the refund of the unused Bank certification on: Philippine peso to be converted shall be debited Inward remittance of the foreign grant/aid and its conversion to Philippine pesos; and Balance of the PHP account from which the
25. Refundof unused foreign loan. a Copy of the contract/agreement covering the foreign
proceeds that were funded by inward remittance of FX that was converted to Q Request from creditor for the refund of the unused Ioan;
Pesos through AABs C Bank certification on inward remittance of the FX loan foreign loan proceeds; and
proceeds and conversion to Philippine pesos
26. Settlement " by Insurance Corporation (PDIC) of FCDU deposit claims Philippine Deposit be paid to resident and non-resident depositors Certification by PDIC on the amount of deposit liabilities to
1 For the settlement by PDIC of FCDU deposit claims, supporting documents must be presented regardless of amount. Both resident and non-resident claims may be serviced.
"Attachment 1"
APPENDIX 1 Page 4 of 10
B. Sale of FX for Servicing Foreign/Foreign Currency Loans including Prepayments by Private Sector covered by Sections 22 to 31 of the FX Manual
Loan Payments Purpose (All originals except as indicated)2 Documents Required
1. Medium/Long-term foreign/foreign maturities of over 1 year) currency loans (with original
a. Regular amortization/payment 1.a BSP registration letter and accompanying Schedule
Foreign/FCDU Loans and Part iI- Details of FX/Hedging RA-2 (Part I: Schedule of Payments on BSP-Registered Transactions forBSP-RegisteredForeign/FCDU Loans); and
1.b. Copy of billing statement from creditor.
Amounts that may be purchased.shall be limited to in the registration letter. Purchase and remittance of FX shall coincide with the due dates of the obligations to be serviced, unless otherwise explicitly allowed by the BSP. maturing amounts on scheduled due dates indicated
or:
2.a. BSP letter-authority for the borrower to purchase FX applicable, the "Schedule of Foreign Exchange to service specific loan account/s and where Purchases from the Banking System"; and
2.b. Copy of billing statement from creditor.
due dates of the obligations to be serviced, unless Amounts that may be purchased shall be limited to the unutilized balance of the letter authority. otherwise explicitly allowed by the BSP. Remittance of FX purchased shall coincide with the
b. Prepayments of foreign/foreign that are not publicly-guaranteed currency loans of the private Sector 1.a BSP registration letter and accompanying Schedule RA-2 (Part I: Schedule of Payments on BSP-Registered Foreign/FCDU Loans and Part II- Details of FX/Hedging Transactions for BSP-Registered Foreign/FCDU Loans; and
1.b Original of the BSP letter acknowledging receipt of the borrower's notice of prepayment
2 All original documents shall be stamped "FX-SOLD" indicating the date and amount of FX sold, and whether on spot or forward basis and signed by the seller's authorized signatory.
"Attachment 1"
APPENDIX Page 5 of 10
2. Short-term foreign/foreign currency
loans (with original maturity of up to 1 year)
a Loans from offshore creditors 1.a BSP approval or registration letter showing loan
(banks and non-banks) terms and borrower's receiving copy of its report on short-term loans as submitted to BSP's International Operations Department (IOD); and
1.b. Copy of billing statement from creditor.
Amounts that may be purchased shall be limited to: Purchase and remittance of FX shall coincide with the (a) amounts/rates indicated in the BSP approval or registration letter; or (b) the outstanding balance of the loan indicated in the report, whichever is lower. due dates of the obligations to be serviced, unless otherwise explicitly allowed by the BSP.
b.Loans from FCDUs/OBUs 1.a. BSP approval or registration letter showing loan
terms or certification from the lending bank on the amount outstanding; and
1.b. Copy of billing statement from creditor.
(a) amounts/rates indicated in the BSP approval or the loan indicated in the bank certification, be serviced, unless otherwise explicitly allowed by registration letter; or (b) the outstanding balance of whichever is lower. Purchase and remittance of FX shall coincide with the due dates of the obligations to Amounts that may be purchased shalt be limited to:
the BSP.
Or:
2.a. For loans not 'requiring BSP approval/ individual registration3 , Promissory Note (PN) certified as true Department and certification from the lending bank: copy by the Head of the lending bank's Loans
I On the principal amount still outstanding;
iii. That the loan was used to finance trade iv. On the date when the loan account was ii. that the loan is eligible for servicing with FX to be purchased from the AABs/AAB-forex corps in line with existing regulations; transactions (as well as pre-export costs in the case of FCDU loans of exporters) of the reported borrower; and to the appropriate BSP
department/office under the prescribed forms.
3 Individual registration means a BSP registration document is required
"Attachment 1"
APPENDIX 1 Page 6 of 10
as of date of application to purchase FX.) (This may be dispensed with for new ioans which may not have been reported yet to BSP
2.b. Copy of billing statement from creditor.
FX shall coincide with the due dates of the obligations to be serviced, unless otherwise explicitly Amounts that may be purchased shali be limited to amounts/rates indicated in the bank certification or allowed by the BSP. PN, whichever is lower. Purchase and remittance of
Over arrangements) similar arrangements (including Risk Take Payments related to Guarantees and a b BSP approval of the resulting foreign/foreign currency obligation; Copies of:
1. For FX liabilities arising from guarantees and similar arrangements Arrangements (RTO)] that do not [including Risk Take Over C ii. Standby Letter of Credit (SLC) or guarantee Proof/ notice of original obligor's default and creditor's Agreements/contracts covered by the guarantee/similar arrangement; contract/agreement for the guarantee;
involve foreign/FCDU loans d Billing statement from the non-resident or local bank call on the guarantee; and
guarantor
2. Regular fees related to Build- financing schemes with transfer provisions Operate-Transfer (BOT) and similar b C 1 BSP Registration Document Copy of the covering agreements/contracts Billing statement from the private sector project company/proponent
C. Saie of FX for Servicing of Foreign Investments, Investments by Residents and Related Transactions
Covered by Sections 32 to 44 of the FX Manual
Purposes (All originals except as indicated) Documents Required
Foreign Investments
N Capital Repatriation of:
a. Portfolio Investments in:
PSE-listed securities BSRD or BSRD Letter-Advice from the registering custodian bank and any of the following:
Photocopy of the original broker's invoice; or
4 All original documents shall be stamped "FX-SOLD" indicating the date and amount of FX sold, and whether on spot or forward basis and signed by the seller's authorized signatory.
"Attachment 1"
APPENDIX 1 Page 7 of 10
b. Electronically-generated copy of the broker's invoice; or G Systems-generated copy of the broker's invoice
settlement date for the transactions covered. Documents under items a to c shall contain the settlement amount, number of shares, investment identity, and
ii. Peso Government Securities bank and photocopy of Confirmation of Purchase for Peso BSRD or BSRD Letter-Advice from the registering custodian Government Securities
iii. Money Market Instruments (MMI BSRD and photocopy of Matured Contract for MMI
iv. 9o-day time deposits BSRD or BSRD Letter-Advice from the registering custodian
bank and photocopy of Matured Certificate of Deposits for 90-day time deposits
b.Foreign Direct Equity Investments a b. Photocopy of Proof of Sale or relevant documents BSRD:
D C e. insurance companies), from the Department of Energy Photocopy of pertinent audited financial statements; showing the amount to be repatriated; in case of funds/assets such as statement of net assets in Photocopy of Clearance from appropriate department of the BSP-Supervision and Examination Sector (for banks), or from the Insurance Commission (for or from the National Power Corporation (for oil/natural gas/geothermal companies): Detailed computation of the amount applied for in the attached format (Annex N) prepared by the selling stockholder's representative; dissolution/capital reduction, proof of distribution of liquidation;
E SEC clearance in case of dissolution, if applicable. and
2 Remittance of Dividends/ Profits/ Earnings/ Interests a. d b C Photocopy of secretary's sworn statement on the Board Photocopy of latest audited financial statements or BSRD or BSRD Letter-Advice; Photocopy of PSE-cash dividends notice and Phil. Central Depository (PCD) printout of cash dividend payment or computation of interest earned issued by MMI issuer or bank; Resolution covering the dividend declaration;
interim financial statements of the investee firm
e For direct foreign equity investments, photocopy of listed banks), Insurance Commission (for insurance covering the dividend declaration period (for direct foreign eguity investments) : clearance pertaining to the investee firm from BSP-Supervision and Examination Sector (for non-PSE Power Corporation (for oil/natural gas/geothermal companies), Department of Energy or from the National companies}; and
"Attachment 1"
APPENDIX1 Page 8 of 10
3 Outward remittance in equivalent FX amount used for investments of pesos (funded by FX inwardly remitted) in excess of investments the amount of FX brought in less made in the country but not to exceed I a. b Detailed computation of the amount applied for using ] Original certificate of inward remittance of FX and its conversion to pesos; Swift. the prescribed format (Annex N). remittance unutilized) or certified true copy of certificate of inward message/letter (partially unutilized) showing inward request from non-resident remittance(fully
investor for return of excess funds;
C Bank certificate on the investor's peso cash account
attesting credit of the excess peso funds to the account date of credit and is sufficient to cover the amount and that the amount has been outstanding since the
balance of the peso account has fallen below the amount applied for conversion and outward remittance, the investor may only purchase up to the amount Shown in the certificate. applied for conversion to FX for remittance. In case the
D. Statement from the custodian bank (for foreign
portion of the FX remittance. the investee firm/selling investor (for foreign direct investment) on the investments made funded by a portfolio investment) or from an authorized officer of
following additional documents shall be required in addition to Items 1 - 3 above: For refunds arising from the unapproved additional subscription of PSE-listed shares rights offering, the
a PSE Circulars indicating declaration of stock rights/warrantsoffering:andthe procedures and implementing guidelines; pertinent
b. Copy of the Subscription Agreement with validation of payment/Philippine Depository and Trust Corp. (PDTC) ledger; and
C. Schedule of entitiement of the stock rights
indicating the subscribed shares, the approved and unapproved additional shares.
peso funds for outward remittance. account, certification from the depository /custodian bank on the amount of interest pertaining to the excess For remittance of interest earned from the peso cash
4 Outward Investment
a Direct Equity Investments a. Photocopy of investment proposal/agreement, Photocopy of Deed of Sale or Assignment of the subscription agreement or investments; 1
"Attachment 1"
APPENDIX 1
Page 9 of 10
C. d. A certification on the cumulative FX purchases from Photocopy of BSP approval on FX purchases from AABs AABs and AAB-forex corps within the calendar year for outward investments, including investments in bonds/notes of the Republic of the Philippines and other Philippine entities;
and AAB-forex corps for outward investments, including investments in bonds/notes of the Republic of the
e Photocopy of clearance, regardless of amount, from the Philippines and other Philippine entities, exceeding USD60 million per investor per calendar year; and
appropriate department of the BSP-Supervision and Examination Sector (SES) for outward direct equity investments of banks and from the Insurance Commission (IC) for outward investments of insurance companies.
b.Portfolio Investments a Photocopy of subscription agreement, or bond/stock
b. Photocopy of swift payment order instruction from the offering;
counterparty/broker/trader indicating' the name of payee and type/kind of investment authenticated by the broker/trader:
d A certification on the cumulative FX purchases from Photocopy of investor's order to broker/trader to buy the securities;
C bonds/notes of the Republic of the Philippines and Photocopy of BSP approval on FX purchases from AABs AABs and AAB-forex corps within the calendar year for outward investments, including investments in other Philippine entities;
2 and AAB-forex corps for outward investments, including investments in bonds/notes of the Republic of the Philippines and other Philippine entities, exceeding USD60 million per investor per calendar year; and Photocopy of clearance, regardless of amount, from the
Insurance Commission (IC) for outward investments of insurance companies.
5 Investments in FX-denominated a Photocopy of subscription agreement or bond offering;
bonds/notes and Philippine b. Photocopy of swift payment order instruction from the
settled in foreign currency) issued Philippines and other Philippine entities Peso-denominated bonds/notes (to be offshore by the Republic of the C. d A certification on the cumulative FX purchases from. Photocopy of investor's order to broker/trader to buy payee and type/kind of investment authenticated by counterparty/broker/trader indicating the name of the broker/trader; the securities;
Philippines and other Philippine entities, including for Photocopy of BSP approval on FX purchases from AABs investments in bonds/notes of the Republic of the outward investments; and AAB-forex corps for outward investments, including AABs and AAB-forex corps within the calendar year for
"Attachment 1"
APPENDIX 1 Page 10 of 10
Photocopy of clearance, regardless of amount, from the Philippines and other Philippine entities, exceeding Insurance Commission for investments by insurance investments in bonds/notes of the Republic of the UsD60 million per investor per calendar year; and
companies
non-resident beneficiary's account (whether offshore or onshore); or (b) resident creditor bank, whose FCDU loans are eligible to be serviced with FX purchased from the banking system. Exceptions to this rule include travel funds All FX purchases for non-trade transactions shall be directly remitted to the: (a) intended medical expenses abroad not vet incurred, and sales proceeds of emigrant's domestic assets if emigrant is still in the country.
"Attachment 2"
APPENDIX 7 Page'1 of 2
Guidelines for the Sale of Foreign Exchange (FX) to Importers by. AABs and AAB-Forex Corps for Advance Payment of imports
Sale of FX for advance payment of imports may be done without prior BSP approval subject to the following guidelines:
1. AABs or AAB-forex corps shall require presentation of the original/submission of copies of the following documents prior to the sale of FX for advance payment of
imports:
a) purchase order (PO);
b) sales contract (SC) or proforma invoice (PI) signed by the resident importer
indicating the intended delivery period of the imported goods; and and foreign supplier requiring payment of the importation in advance and
c) notarized Letter of Undertaking (LOU) to the effect that if the importation is cancelled, the importer shall inwardly remit the FX refunded by the foreign
date. supplier and sell same for pesos to the FX selling/remitting AAB on the same
2. If the seller of FX is an AAB, the FX sale and remittance shall be transacted on the FX proceeds shall be remitted to the foreign supplier through the parent AAB. The remitting AAB shall see to it that sales of FX by its AAB-forex corp subject for remittance are made in accordance with existing rules. same date and shall involve only one AAB. The FX remittance shall be made time of remittance, subject to the applicable tax provisions of the National Internal Revenue Code, as amended. If the selling entity is an AAB-forex corp, the directly to the foreign supplier and serviced at the exchange rate prevailing at the
3. The importer shall present to the FX selling/remitting AAB the original shipping documents [import invoice and bill of lading (B/L) or air waybill (AWB)] where the AAB's authorized signatory, and the Bureau of Customs Import Release Documents, within three (3) banking days after receipt thereof. date and amount of FX sold/remitted shall be stamped and duly signed by the
4.Submission by the FX selling and remitting AAB to the BSP-IOD of the following reports:
a. Monthly Report on Sale/Remittance of FX for Advance Payment of Importations (Annex B) - within the first five (5) banking days of the month succeeding the date of FX sale/remittance; and
"Attachment 2"
APPENDIX 7
Page 2 of 2
b. Monthly Report on Purchase of FX from Refund of Advance Payment of Importations (Annex C) - within the first five (5) banking days of the month Succeeding the receipt of the refund.
5. The FX selling/remitting AAB shall report to the BSP under FX Form 1 (Consolidated Report on Foreign Exchange Assets and Liabilities) the following transactions:
a. The remittance of FX by the AAB for advance payment of imports as "Import Advances/Down Payments" (Code No. 040) under Schedule 4 (FX Disposition for Loans};
b. The purchase of FX by the AAB from the importer arising from a refund of advance payment on cancelled imports as "Refund of Import Advances/Down Payments" (Code No. 040) under Schedule 3 (FX Acquisition from Loans); and
c. In case of importations with partial advance payment whose balance is payable through letters of credit (L/Cs), documents against acceptance (DA), open account (OA), documents against payment (DP), or direct remittance (DR), such balance shall be reported under the following Schedules:
1) Schedule 10 (Import Letters of Credit (L/Cs) Opened and DA-OA Import Availments and Extensions] for L/C (upon opening) and for DA- OA (upon availment); and
2) Schedule 11 (Import Payments) upon payment.
6. The foregoing rules on advance payments shall apply to importations under all modes of payment.
"Attachment 3"
APPENDIX10
Page 1of 7
Procedures and Minimum Documentation Requirements for the Registration of Inward Foreign Investments
Sentral Registration Document (BSRD) by the Bangko Sentral ng Pilipinas (BSP) or a designated custodian bank. A foreign investment is considered BSP-registered upon issuance of a Bangko
A.For registration with the BSP
instruments under Section 34 and Section 35.3, respectively, of the "Manual" shall be registered directly with the BSP. Foreign direct investments and investments in peso-denominated money market
1. Foreign Direct Investmentsi
The following are the procedures for registration and the requisite supporting documents:
a. For Cash Investment
The application shall be filed directly with BSP together with the following supporting documents:
i. Certificate of inward remittance (CIR) of foreign exchange through Appendix 10.2, respectively) an AAB in the prescribed format (Sample CIR and Guide/Instructions for Filling-Out CIR Form hereto attached as Appendix 10.1 and
investment is not required for registration of foreign direct Note: Conversion to pesos of the foreign exchange funding the investment; and.
ii. Sworn certification of the officer of the investee firm concerned investment [Suggested format attached as Appendix 10.3A (for Operating Headquarters)]. attesting to the number of shares and amount paid for the Branches/Representative Offices/Regional Headquarters/Regional Stock Corporations) and Appendix 10.3B (for
b.For Investment in Kind
Foreign direct investments required by law to be registered with the Securities and Exchange Trade and Industry shail be extended a Bangko Sentral Registration Document (BSRD) upon endorsement by either agency and submission of required documents. Commission or the Bureau of Trade Regulation and Consumer Protection of the Department of
"Attachment 3"
APPENDIX 10
Page 2 of 7
following supporting documents: Application for registration shall be filed directly with BSP together with the
i. Shipping documents; ii. Bureau of Customs Import Entry and Internal Revenue Declaration iii. Sworn certification of the officer of the investee firm concerned (IEIRD); and
attesting to the number of shares and amount paid for the investment [Suggested format attached as Appendix 10.3A (for Stock Corporations) and Appendix 10.3B (for Branches/Representative Offices/Regional Headquarters/Regional Operating Headquarters)].
The value of investments in kind shall be assessed and appraised by the BSP before their registration.
C. For investment in financial institutions which are governed and regulated
by the BSP:
shall be required in addition to the documentary requirements for Clearance from the Supervision and Examination Sector of the BSP
investments in cash or in kind.
d. Registration as foreign investments of capitalized oil/gas/geothermal exploration expenditures
with the following supporting documents: The application for registration shall be filed directly with the BSP together
ii.. Copy of the Department of Energy (DOE)/National Power Corporation Government-approved service contract/other contract; and (NPC) letter-validation of expenditures showing, among others, the distribution of validated expenditures among the partners under the
service contract/other contract.
e. Investments funded by foreign loan/s and other payables converted into equity
i. Original CIR of foreign exchange through an AAB in the prescribed
format (Appendix 10.1) for foreign loans not registered with the BSP; o0 ii. Copy of BSP registration for foreign loans registered with the BSP: iii. Sworn certification from investee firm's authorized officer attesting to the number of shares and amount paid for the investment remittable
"Attachment 3"
APPENDIX 10 Page 3 of 7
iv. Deed of Assignment of foreign loan or other payables; v. Latest audited financial statements of investee firm; and vi. Articles of Incorporation of the investee firm outward and that such are funded from foreign loans/payabies converted to equity:
f. Stock and/or property dividends accruing on BSP-registered investments in non-PSE-listed firms
a.Copy of BSRD; and b.Sworn certification signed by the investee firm's authorized officer on the declaration of the stock and/or property dividend, to include relevant excerpts of the covering Board Resolution
g. Stock splits/reverse stock splits on BSP-registered investments in non- PSE-listed firms
b. Sworn certification signed by the investee firm's authorized officer a.Copy of BSRD; and declaring the stock split/reverse stock split, to include relevant excerpts of the covering Board Resolution
2. Investments in Peso-denominated Money Market instruments
"Manual", shall be registered directly with the BSP supported by the following documents: Investments in money market instruments which refer to all peso- denominated debt instruments, such as but not limited to bonds, bills payables, promissory notes (PNs), and non-participating preferred shares, issued onshore by private resident firms, not included in Section 23 of the
a. Original CIR of foreign exchange and its conversion to pesos through b. Contract/Certificate of investment an AAB in the prescribed form (Appendix 10.1); and
iocal creditor banks, the following additional documents shall be required: For bonds or PNs issued by private domestic firms that were purchased from
c.Deed of Assignment of the loan; d.: Notice of Assignment of the loan; and a.Copies of bonds or PNs; b. Purchase Price Letter/Agreement; e. Acknowledgment by debtor of the Notice of Assignment
"Attachment 3"
APPENDIX 10
Page 4 of 7
For foreign investments in non-participating preferred shares of Philippine investee enterprises, the following additional document/s shall be required:
Purchase invoice, or subscription agreement and/or proof of listing in the local stock exchange for new/additional issues/stock rights
3. Reinvestment of divestment/sales proceeds or dividends/profits/earnings of
duly registered investments (The following documentation requirements are in lieu of the CIR and in addition to the required documentation for the specific form/type of reinvestment)
For divestment/sales proceeds
b. Sworn certification signed by the original investee. firm's authorized a. Original BSRD;
C Proof of divestment/sale for direct investment/s; or officer attesting to the divestment/sale by the foreign investor; and
d. Matured contract/certificate of investment/proof of redemption for
money market instruments
For dividends/profits/earnings
a.Copy of BSRD; and b. Sworn certification signed by the investee firm's authorized officer
declaring the dividends or distribution of profits, to include relevant excerpts of the covering Board Resolution; or c. Proof of interest/coupon payments for investment/s in money market
instruments
4. BSP-registered investments sold/transferred to another foreign investor if payment is made offshore in foreign exchange
a. Original BSRD; b. Sworn certification from the authorized officer of the investee firm, attesting to the transfer/assignment of the investments from the
selling foreign investor to the buyer, in the books of the investee firm; and c. Deed of Sale/Assignment
Replacement of Lost BSRDs
a. Letter request from the foreign investor or his duly authorized
representative;
"Attachment 3"
APPENDIX 10 Page 5 of 7?
b. Affidavit of Loss from the foreign investor or his duly authorized
representative attesting to the following:
Loss of the original BSRD; ii. Reason for the loss; iii. Affirmation that they have exercised diligent search for the
document/s declared lost; iv. That the investment is still intact and existing to date; v. The outstanding balance of the investment, net of repatriation, if any vi. The registration number/s and date/s registered; vii. The number of shares registered under each registration and
percentage of the foreign investment to the total shares subscribed and paid up, as applicable.
c. Letter authority from the foreign investor for the replacement of the lost
the duly authorized representative. BSRD if the request and affidavit of loss are accomplished and signed by
B. For Registration with Custodian Banks
Foreign investments in peso-denominated government securities, PSE-listed securities, and peso time deposits with tenor of at least 90 days as described in Items 1, 2, and 4 under Section 35 of the Manual shall be registered with custodian banks
BSRD issued by custodian banks together with the requisite supporting documents designated by the foreign investors. Custodian banks are authorized to issue on behalf of the BSP the BSRD for such investments. The duplicate copy of the new enumerated in this Appendix shall be submitted to the BSP within two (2) banking days from date of registration for post audit purposes. The original copy of the BSRD shall remain in the custody of the issuing custodian bank.
The "one-BSRD-per-investor-per-custodian-bank" rule
The "one-BSRD-per-investor-per-custodian-bank" rule shall be followed for the registration of investments with custodian banks.
1. Only one BSRD shall be issued by a custodian bank to a foreign investor
applying with that bank for registration of his foreign investments;
2. Additional inward foreign exchange remittances of a foreign investor through
considered BSP-registered after annotating such investments in said BSRD a custodian bank, which had earlier issued to that investor a BSRD, shall be
and reporting to the BSP by said custodian bank within two (2) banking days from transaction : date under the "Consolidated Daily Foreign Portfolio Investment Registration and Outward Remittance Report"; and
"Attachment 3"
APPENDIX 10 Page 6 of 7
3. Changes in the composition of the registered investment holdings of the foreign investor that do not involve inward remittance of foreign exchange
such as stock dividends, stock splits, or reverse stock splits shall be annotated
"Consolidated Daily Foreign Portfolio Investment Registration and Outward Remittance Report". in the same BSRD and reported by the custodian bank to the BSP under the
Surrender of BSRD to the BSP.
(redeemed/sold/withdrawn) by the foreign investor, the custodian of the original banking days from date of full remittance of divestment proceeds. copy of the BSRD shall surrender said BSRD to the BSP for cancellation within two (2) Whenever the BSP-registered investments have been fully divested
Documentary Reguirements
1. Investments in peso-denominated government securities (GS)
a. Accredited dealer's Confirmation of Sale (CoS): b. Original CiR of foreign exchange and its conversion to pesos through an AAB in the prescribed format (Appendix 10.1); C. "Authority to Disclose information" in the prescribed format
(Appendix 10.4)
2. Investments in PSE-listed securities
The application for registration shall be supported with the following documents:
a. For new investments:
i. Purchase invoice, or subscription agreement and/or proof of
listing in the local stock exchange for new/additional issues/stock rights: and
ii. Original CIR of foreign exchange and its conversion to pesos
through an AAB in the prescribed format (Appendix 10.1).
b. For annotation in the BSRD of stock dividends which accrued to duly
registered investments:
PSE Notice (Circular for Brokers) announcing the issuance of Stock Dividend
c. For annotation in the BSRD of stock splits/reverse stock splits
"Attachment 3"
APPENDIX.10 Page 7 of ?
PSE Notice (Circular for Brokers) announcing the issuance of Stock Splits/Reverse Stock Splits
3. Investments in peso time deposits with tenor of at least 90 days
b. Original Certificate of Inward Remittance (CIR) of foreign exchange and its a. Certification of peso time deposit; conversion to pesos through an AAB in the prescribed format
C "Authority to Disclose Information" in the prescribed format (Appendix 10.1); and
(Appendix 10.4)
4. Reinvestment of divestment/sales proceeds or dividends/profits/earnings of duly
registered investments
For divestment/sales proceeds
b. Proof of redemption of GS; or Broker's sales invoice; or Matured a. Original BSRD-Letter Advice; and
certificate of peso time deposit, as applicable
For dividends/profits/earnings
b. PSE Notice (Circular for Brokers) announcing the issuance of cash a. Original BSRD-Letter Advice;
dividend for PSE-listed securities; or proof of interest/coupon payments for investment/s in GS and peso time deposits
"Attachment 4"
APPENDIX 10.3A Page 1 of 3
SWORN CERTIFICATION (Suggested Format for Stock Corporation/Investee Firm)
resident of the Philippines, after being duly sworn in accordance with law, depose and state that: (Name of Affiant) of legal age. (Nationality) I and
1. I am the a corporation duly registered with/licensed by the Philippine Securities and Exchange Commission (SEC) under SEC Reg. No. business of (Position/Designation) of (Name of Investee-Firm) dated to engage in the
2. That the (Name of Investee Firm) has a Capital Structure, as follows:
Class Number of Shares Par Value Total Amount Authorized Subscribed Paid.Up
3. That at (Name of Foreign Investor) (Nationality} with address
following shares of the Investee-Firm' and is now recorded in his/its name in the books hasremitted/caused PHP/foreign currency Exchange No. whose business is PHP of (Name of Issuing Bank) (Name of Investee-Firm) (if applicable), thru the Philippine banking system as certified the under Certificate of Inward Remittance (CIR) of Foreign : remittance dated as follows: of USD/Other Foreign Currency was paid in consideration for the and converted the same of which amount, (FC} by into
The balance (total peso/USD/other foreign currency proceeds less amount applied to this investment (Name of Investee-Firm) as (e.g. Adyances, Deposit for Future Subscription). transaction, if any) in the amount of PHP is recorded in the books of
"Attachment 4"
APPENDIX 10.3A P age 2 of 3
(in PHP, USD or other foreign currency) Amount booked as payment for shares
Class No. of shares Paid For Value/Share Par Total Par Value As Premium Total
4. That of the above total, the following share/s was/were assigned to cited Foreign Investor's nominee/s (if any):
Name Nationality No. of Shares Amount Paid
{The following paragraph may follow as appropriate)
That the aforecited nominee/s appear/s in the corporate books of the
by Deed/s of Assignment of Foreign Investor transferring the share/s to each of the nominee named above; and that the covering certificates of stock issued to the said nominee/s are with annotation/s that the said nominee/s is/are merely nominee/s of the foreign investor named above; {(Name of Foreign Investor) (Name of Investee-Firm) and that the said share/s is/are covered only as nominee/s of the
5.That in the corporate books of (current date) show that the following are the stockholdings of its investors: (Name of Investee-Firm) as of
Name of Investor No. of Shares Held Class Amount Paid
Correspondingly, the capital stock of the (Name of Investee Firm) as of
is as follows: (Current Date)
"Attachment 4"
APPENDIX 10.3A Page 3 of 3
Common Number of Shares Preferred Amount (in PH P) %
Deposit for future subscription : Additional Paid-In Capital Issued and Paid Foreign Filipino WM L1E
6. That as of date, total foreign investments in the percentage stated above in the the Constitution and existing laws of the Philippines. (Name of Investee-Firm) is within the limit for foreign investor under
IN WITNESS WHEREOF, i have hereunto set my hand this 20 at day of
(Signature over Printed Name)
Affiant exhibiting his/her identification card no. SUBSCRIBED AND SWORN TO before me this day of issued on 20
at to expire on
Until: Notary Public
Doc. No. Page No. Book No. Series of 20
N.B. The above form may be amended as appropriate for other business organizations, and/or for purchases of secondary shares from existing shareholder/s.
"Attachment 5"
APPENDIX 10.3B
(Suggested Format for Branch/Representative Office/Regional Headquarters/ Regional Operating Headquarters) SWORN CERTIFICATION
1 of legal age,
and a resident of the Philippines, after being duly sworn to in accordance with the law, hereby depose and state that:l (Name of Affiant) {Nationality)
1. I am of (Authorized Officer's Position Title) with
address at (Name of Investee firm) herein referred to as the investee firm;
2. That herein foreign investor duly licensed by the Securities and Exchange Commission under License No. entity incorporated under the laws of issued o to establish is a foreign and its
branch/representative office/regional headquarters/regional operating headquarters (B/RO/RHQ/ROHQ) in the Philippines the purpose of which is to
3. That said foreign investor has inwardly remitted, and converted into Philippine pesos (PHP) thru an authorized agent bank (AAB) the amount of Exchange USD/other No. foreign per Certificate of Inward Remittance (CIR) of Foreign currency issued by On
recorded in its books as assigned capital or operational working fund. PHP {Name of AAB} was received by on the B/RO/RHQ/ ROHQ and of which amount
4. That the investment certified herein plus previous investment/s (less existing laWs to establish B/RO/RHQ/ROHQ in the Philippines. repatriation, if any) totals PHP ; which is in line with
IN WITNESS WHEREOF, I have hereunto set my hand this 20 at to expire on. day of
(Signature over Printed Name)
exhibiting his/her identification card no SUBSCRIBED AND SWORN TO before me this d ay of issued on 20 -, affiant at
"Attachment 6"
APPENDIX 20 Page 1 of 2
Processing Fees on Foreign Exchange Transactions Payable to the Bangko Sentral ng Pilipinas (BSP)
Purchase of Bangko registering custodian Sentral Registration Document (BSRD) for foreign portfolio investment by the foreign/foreign Corporations Replacement of Lost for foreign/foreign Foreign/Foreign Review and clearance :- Documents of currency loan documents/agreements of Government Owned Registration Letters BSP Registration of Foreign/Foreign Currency Loans BSP Approval/ Currency Loans not included in the Foreign Borrowings Plan? by the Inter-Agency Committee for Review of Foreign Loan and Controlled Bangko Sentral currency loans BSP Approvai of Foreign/Foreign registration of Currency Loans/Guarantees Type of Transaction G foreign portfolio investments Regular processing fee of PHP4,000.00 replacement BSP-Registered Foreign/FCDU BSP-Registered Foreign/FCDU form printed by the BSP to be treated on a rush basis shall foregoing rate. accompanying Schedule Loans and Part I1- Details of FX/Hedging Transactions for Loans) PHP50.00/setof the used in the registration of twice the foregoing rate An additional fee equivalent to ten (10) percent of the PHP20,000.00. Applications requested to be be lost BSP for Schedule rush basis shall be charged registration, with a minimum of US$400 and maximum of applicable processing fee. toan/guarantee applied for, with a minimum of US$400 and maximum of US$100,000 requested to be treated on a 0.02 0.02 amount US$100.000 percent of the loan Ioans charged Amount of Fee percent registration of RA-2 applied requested and/or Payments for twice Applications schedules: (Part oo amount letters BSRD every their the on the I for fo #: through debit of the bank's Payments shall be made to Cashier's Check payable to the Barigko Sentral ng Pilipinas, or Manager's Check or Cashier's Payments shafl be made to the BSP-Cash Department in Manager's Check or Cashier's Check payable to the Bangko accompanied by a Payment Order from the BSP-IOD. the BSP-Cash Department in cash or Manager's Check or Payments shall be made to The fees shall be paid in accompanied by a Payment Order from the BSP-IOD. the BSP-Cash Department in Sentral Order from the BSP-IOD. Sentral Check payable to the Bangko Payments shall be made to accompanied by a Payment Payments shall be made to Check payable to the Bangko accompanied by the BSP-Cash Department in the BSP-Cash Department in Manager's Check or Cashier's Check payable to the Bangko Sentral Manager's Check or Cashier's Order International Department (IOD). Sentra! Payment Mode from Dg ng ng ng a Payment the Operations Pilipinas Pilipinas Pilipinas banking day preceding Pilipinas BSP- the date of receipt of application, reference rate one (1) to the Bangko Sentral ng converted at the BSP Manager's Pilipinas. Cashier's Check payable the. peso Other details equivalent Check of in
2 Pertains only to loans which do not require BSP approval prior to registration. Private sector loans that are submitted to the BSP for approval or registration that were not included under
a foreign borrowings plan submitted to BSP as required in Section 22 of the FX Manual
"Attachment 6"
APPENDIX 20 Page 2 of 2
banks regular demand deposit with the BSP Replacement investments registered by the BSP BSRD for of foreign Iost applicants for the PHP2,000 shall be charged to replacement of a lost BSRD Payments shall be made to cash or Manager's Check or the BSP-Cash Department in Cashier's Check payable to the Bangko Sentral ng Pilipinas. replacement BSRD shall payment representative. Release be made only upon foreign investors or their duly receipt by the BSP of the from of authorized the the
dates of importations from date of bill of Extension in maturity under D/A and O/A acceptance for D/A and] Iading or air waybill for exceeding one (1) year from O/A arrangements date of a. 0.01 . percent importation's (AABs) to the BSP within 31 balance with a minimum of accounts whose extension Was of Authorized scheduled due date; and US$50.00 and a maximum to 180 US$1,000.00 reported Agent days of Banks unpaid from the for by Payments shall be made toThe fees shall be paid in the BSP-Cash Department in Manager's Check or Cashier's Check payable to the Bangko Sentral accompanied by a Payment Order from the BSP-IOD. ng Pilipinas banking days prior to converted at the BSP reference rate of two (2) payment date. the peso equivalent
b. 0.02 importation's balance with a minimum of US$100.00 and a maximum accounts whose extension was reported by AABs to BSP beyond 180 days from of scheduled due date. percent US$2,000.00 Of:the unpaid for
.. oatinat. AXANNE tpe sem aes x uaym yuauaaadjo a a ort shep uue (s) anueaa Sret oritnirntrtinn ietannirotnrioritins Are iat jo tiieie le len S! nq Bii/odt at ! Artltnt tin r uuarerknbk Ctr iirrr ir tntttot tttirtarattant tnn rn Jairr pitrronr jrttr orirrr ratrartrrtt B :
pri!tal/pjot i qunom (nrnnt rtrte
m go alen (x) aortno utarr r artttit/fret rrtrr rrrt soonnrnrero onrned aroenot aot jo youow aoo Jou ponrnt Atprttt Snut rnrdue fuawAed u! D Ka {//WW} Donrttn Kueny
Jordnt ut jo stepv ue tt
Moorrrtto ttor
.. uattneav... NNA hteuatt yrr arraaiato pua nrttri steoarret (s) ant ateea titear tt ind Sfaran nnen 'onttenn srrtanno (ernnranneunsrins strin! XI JO oa qunouv astupnd tuojerinho arnArant (raro ua(/aa/ww) ooorrt irtntttotrrttirrrttrrtttotttntiott Jotrtrtitiurttnetrtttr trrtr rarrnerrrtt WO
(xr) rrooore rorerrr br areooer trtrror Aooort shnnntio nonthnd arnne do trnan rn qone ars Xr to rea] (XA/aa/w) :utod ON :0400
queg jo awen - jo yooow aoo Jo Sanppv pt Joiddnt ualot jo tttn Srnrt rrnrare
Joooeaoo te moor Jrrit titir ot arrtttit jo are ttt rr.
"Attachment 9" ANNEK DI
Public Sector EDA Form 1
BangKo Sentral Ng PiliPInaS International Operations Department
Application for Approval of Foreign/Foreign Currency Loans1
1 BORROWER
Address
Telephone/Fax Number Authorized Representative/Designation
2 IMPLEMENTING AGENCY/END-USER
Address Telephone/Fax Number Authorized Representative/Designation
3 BORROWER PROFILE (Please follow format in Annex A)
4 LEGAL BASIS FOR FOREIGN BORROWING (Cite Specific proVision of Iaw)
5 DATE OF SUBMISSION OF BORROWINGS PLAN
6 LEAD CREDITOR
Addres's Nature of Business Authorized Representative/Designation Address Telephone/Fax Numbers
7 DETAILS OF THE PROJECT (Please follow Format in Annex B)
8 SUMMARY OF TERMS (Please follow format in Annex C - for applications for approvai-in-principle and Annex C-1 for applications for final approval)
1/ sa roval of residents' borrowings from FCDUs
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
9 SUPPORTING DOCUMENTS REQUIRED FOR ALL APPLICATIONS (Original or cetified true copies) (Check documents submitted}
For Approval-In-Principle Legal Basis for Foreign Borrowing; Provision of Law/Charter (To be submitted if not available in NG GOCC/GF
IOD file D 0 Investment Coordination Committee (ICC) Approval of the project, if required 0 0 Development Budget Coordination Committee (DBCC) approval of the program, if required NEDA's certification of borrower's compliance with the NEDA Board/ICC conditions, if any. NEDA Board resolution confirming approval of the project for project approval D C C 0 0
DOF'S certificate of compliance under ODA Law, if applicable Borrower Profile [Pls. follow attached format (Annex A)] Project Profile [Pls. follow attached format (Annex B)] Loan Profile [Pls. follow attached format (Annex C)] Draft loan/credit/guarantee and other related agreements Forward Obligational Authority of DBM Status of Foreign Borrowing Ceiling, if any DOF's approval-in-principle pursuant to AO 19 dated 26 October 2001 Projected drawdown and amortization schedules of the loan/s [PIs. follow attached format (Annex D)] RP's willingness to guarantee the loan/s D D 0 0 D 0 0 D C 0 0 0 0 D C
Status of existing relending lines using the attached form (Annex E) Past three years' audited financial statements (complete w/ notes) and latest interim financial statements Board of Directors' resolution approving the proposed loan/s Relending terms and conditions, if loan or portion thereof is for relending 0 0 0 0
Financjal projections including cash flow for the duration of the loan/s and assumptions used
For Final Approval/Registration
Signed loan/credit/guarantee and other related agreements Special Authority from the Office of the President for the Borrower to conclude negotiations and 0 C
Comparative summary of loan terms and conditions, as approved-in-principle and as finally negotiated sign the loan documents 0 0
(follow format Annex C-1) C C
Memorandum of Agreement between DOF and the borrower covering the payment of guarantee Revised drawdown and amortization schedules of the loan/s using attached Annex D format DOF's endorsement for unguaranteed loans pursuant to MB Res. No. 141 dated 5 February 2004 0 C C
Agreed minutes/results of negotiations, and/or clearance of the Inter-Agency Committee for and foreign exchange cover fees 0
Review of Foreing Loan Documents (IAC-RFLD) 0 0 Updated project cost and sources of funds 0 0
Certified Correct:
Signature over printed name and designation
For IOD Reference:
Documents reviewed by:
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
Page 1 of 2 ANNEX A
BORROWER PROFILE
Creation of Borrower (Republic Act No./Presidential Decree No.)
B Charter/Legal basis for Borrowing
C. Capitalization as of
No. of Shares Par Value Total Amount
Authorized Subscribed Paid-up
D Ownership Structure as of
No. of Shares Par Value Total Amount
Board of Directors as of
Principal Officers as of
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
ANNEX A Page 2 of 2 |G.FINANCIAL POSITION (In 000 Philippine Pesos) (For GOCCs/GFIs)
Latest Audited Latest Unaudited as of -- as of Current Ratio
Current Assets
*
Current Liabilities :
Debt to Equity Ratio
before loan availment
Long-term debt (all loans) : Stockholders' equity
after loan availment
Long-term debt (all loans) Stockholders' equity
Exchange Rate Assumptions *
Outstanding foreign currency loan
Short-term
Offshore sources * FCDUs .
Medium/Long Term
Offshore sources FCDUsS
TOTAL
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
Page 1 of 3 ANNEX B
PROJECT PROFILE
[a) Project Name
(b)Project Site
[c)Brief Description
[d)Project Implementation Period From: To:
[e)Project Cost (US$000)
Description Local Costs Foreign Costs Total
TOTAL
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
ANNEX B Page 2 of 3 f) Sources of Funds in US$ 000 (Specify investor/creditor)
Amount for Local Amount for Foreign
Cost Cost
Equity
Loca: Foreign:
Sub-total:
Borrowings
Peso Borrowings
Foreign Borrowings
Sub-total:
Internaliy Generated Funds
Sub-total:
TOTAL
Exchange Rate Assumptions
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
g) Cite economic and financial benefits of the project/purpose and justification for financing scheme chosen: Page 3 of 3 AEXB
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
ANNEX C Page 1 of 3 LOAN PROFILE
Amount (original currency) Type of credit facility Creditos
Participants to Syndication (if the loan is syndicated)
NAME SHARE
% Amount
TOTAL
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
Currency of repayment Project/Purpose : * ANNEX C Page 2 of 3
Loan Availment Period : From - To
Interest Rate Maturity (yrs) inclusive of grace period : Grace Prd.(yrs)
Fixed Variable Spread: Base Rate:
Repayment dates (dd-mm-yy)
Principal Interest : First - : First - Last - Last -
Fees, Costs and Expenses
Rate/Frequency Basis for For whose
of Payment Computation account Management Fee
Commitment Fee Underwriting Fee Arrangement Fee :
Front-End Fee : Legai Counsels Fee
Foreign Exchange Risk Cover Fee Guarantee Fee : : Insurance Premium : Credit Rating Agency Fee :
Expos ure Fee Registration Fee
Other Fees/Cost/Expenses : Contingent Cost/Expenses Penalty/Default Rate Break Funding Cost : Non-utilization Fee :
Indemnity Cost/Expenses Prepayment Fee :
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
Page 3 of 3 ANNEX C
Guarantor/Insurer (Specify foreign & local Guarantor)
Name Address Amount Guaranteed % Share to Total Loan
TOTAL
Security/Collateral Terms
Other loan terms and conditions
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
XA boaeen ueet peeett or a SU SRRHE Ju
I0
OAAN
CAAARAR AAARRRR AAAARARRS nou LAORORRORE porprrrrrnrrrrrrr rorfrre HAHR
TOOL
TAAN
(knrornt rt!rr) trnnt Kttt itpirt o d toea (itsueiij iititiieie tIn!
XAA trataaean reet parat rar ttras C :o Dtt to S So O tonntm Cnt
T S T HK
pax itrtk edp trrrrrr Sasuadxa pue sisoy 'saay Krnb/e juawked jo
FRRRr J JUt
Jr ppoprpoorpbad hpa Pet arte 1S +1e Foy S g Gottrntr
Ih
Itee fado :rees uadxa pue isog 's hranbattr jumAnd jo
DArrarjo hrarn :aroriod/pa0 :onn ntien e :ettir trrit tr tiriert (site Aurte LIsLrr Ww-pp saaep tea sesuaexs pue seoes 'sa :aae rreaere Tutaue Bu T 1a :0 pea- oe Da Se rtaeee 1 Wald a 8v 8uney 7p 0 :03 E D Ise 9 suax3/tsct tuaau fas hrerrriai/kar rrrerrernege toittettit :aa rt 1 /tooy Aule 3c ttl I preanuora o-Z-oroa0
ANNEX D
DRAWDOWN/AMORTIZATION SCHEDULES OF PROPOSED FOREIGN LOAN
Loan Amount Borrower Currency . : Interest : Spread Base Rate Basis for Computation : :
Maturity : (number of days)
Date/Due Date Drawdown Principal Payment Interest Payment Principal Balance
: + : :
: : : : : * : : :
: : : : : :
: : : : : : : : : : : : :
Certified Correct:
(Name of Company)
(Signature of Authorized officer over Printed Name)
(Designation) [(If more space is needed, use a separate sheet of paper following the same format)
IOD Form 02-002-01 * Version 2 * Updated 31 Mar 2011
AAAE tu nony Sqnt to uowAed os[ (onnnnmt Fs
nnnnnnn D (err rrarree) Jor taorenn feeoarr {trt rennr q-e=(o) t$Sn u }reut1o u} Artp
FO oA urnin e/q={o}
ROrRooOJROOOr Sirte ltterttnt ro tneens (AA/Ww/pp) jo sv Junouy umera. oomnnto onte (uo (tt r {q} {e} $sn ui Jto i $sn reu!ano ut r ,-_ MAN
Jea Ka ELR $sn u!
Bop 2iec patrrrrrr E ($nn) soat oooeooonoo tooooed ot oorgnt ronoty tnnt onoootn to tonione otooont trnere foes [ a Crrrnrtcorroreofopo aun (NVO) 'ON dnpantotnen P d CE 2 O . G 3 1y 9 1al ioa Toittt OO Sounrrnn Ae Aerrny pomooom tononn Hutnmn nronn trnnn Uiitteettiiee Bprnnn ron unttn rnnonn tomntinn innrn (rnn Irtnnonn dnrrtan nntrn (nri Dortrrtittre Buttrnno rnrn trtnninfrtr jo se) psn sares ueyo, IOL Jet Ie paoepdnZ osaA- I0-I00-lo wo QO
"Attachment 10"
ANNEX D.2
Bangko Sentral ng Pilipinas
International Operations Department
Application for1 Approval Registration of Foreign Loan
of Private Sector Entities
PART A COMPANY PROFILES
TBORROWER
Name
Nature of Business
Postal Address
Website
Tax Identification Number (TiN)
Name of Authorized Representative/s
and Designation
Department/Unit (if other than the Telephone Number/s Email Address Fax Number/s borrower, indicate also company name)
PROFILE (Annex A)
2. LEAD CREdITOR/ARRANGER Y
Name
Nature of Business
Postal Address
Website
Name of Authorized Representative/s
and Designation
Department/Unit (if other than the Telephone Number/s Fax Number/s Email Address borrower, indicate also company name)
Relationship to Borrower (if any)
0 C Parent Company Stockholder None Others (specify)
PROFILE (Annex A.1)
Same form to be used for loans from FCDUs of banks
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011
PART A COMPANY PROFiLES(continued) 3. GUARANTOR/S Local
Name ..
Nature of Business
Postal Address
Website
Name of Authorized Representative/s and Designation
Fax Number/s Department/Unit Telephone Number/s Email Address : 44
Relationship to Borrower (if any)
Stockholder Parent Company Others (Specify) None
Foreign Name
Nature of Business Postal Address Website
Name of Authorized Representative/s
and Designation
Fax Number/s Department/Unit Telephone Number/s Email Address
Relationship to Borrower (if any)
Parent Company Stockholder Others (Specify) None
PRQFILE (Annex A.2 whether local or foreign guarantor)
PArT B. LOAN AND PURPOSE/PROJECT PROFILES
1.Summary of Loan Terms and Conditions (Annex B) 2
2, Details of the Loan Purpose/Project (Annex C)
3. Date Borrowings Plan submitted (as required under Sec. 22 of the Manual of Regulations on Foreign Exchange Transactions as amended)
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 2 of 5
PART C. SUPPORTING DOCUMENTS/INFORMATION
1. Documents Required for ALL Applications
Copy of Articles of Partnership/Incorporation including amendments, if any Copy of government registrations/authorities/franchise (SEC, BOI, DTI, NTC, etc.) with attachments
0 Latest General Information Sheet submitted to SEC
0 Original certification from the Corporate Secretary of Philippine Export Import Credit Agency (PhilEXIM) terms and conditions of the guarantee and indicating the Board Resolution number and date, if applicable also known as Trade and Investment Development Corporation of the Philippines (TIDCORP) or other government entities on the continuing validity of an approved guarantee for the proposed loan, including
Diagram showing ownership structure of the borrower and relationship, if any, to the creditor, guarantor or other parties to the financing/project, showing percentages of ownership and country of residence of each party
0 Loan disbursement and amortization schedules (Annex B.1)
0 Past three years' audited financial statements (complete with notes) and latest interim statements of the borrower on solo basis (that is, unconsolidated with other related companies)
0 Financial projections (balance sheet, income statement and cash flows) for the duration of the loan/s payments including other fees/charges) and outstanding balance; cash balances after debt servicing; and showing in separate lines transactions on the proposed loan (disbursements, principal and interest assumptions (including exchange rates)
0 Indicative terms, conditions and mechanics ofihedging transactions, if any
0 Foreign exchange earnings and sources thereof, if any, for the past three (3) years and for the duration of the loan/s
0 Diagram of cash waterfall (loan proceeds, equity, revenues and other cash receipts), if any
0 Related agreements/contracts such as joint venture agreement, shareholder support agreement, if
available
Original certification from the local creditor bank on the source of FX funding for the loan if to be granted by the bank's FCDU
OD Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 3 of 5
PART C. SUPPORTING DOCUMENTS (continued)
2. Additional Documents Required for Applications for Approval
For project financing or acquisition of government assets being privatized*:
0 Details of Loan Purpose/Project (Format c)
0 Required clearances for the project from concerned government agencies such as DENR
0 If loan will finance a component/phase of an existing or related project/program, provide status of the other project components/phases
0 Copy of signed Asset Sale and Purchase Agreement and Notice of Bid Award, if applicable
0 Copy of the supply contract/s or other related agreements
For acquisition of non-performing assets (NPAs) from banks/government financial institutions*:
0 values Copy of the signed Asset Sale and Purchase Agreement with list of assets to be acquired showing book
0 Copy of the signed Deed of Assignment/Absolute Sale and related agreements D Certificate/s of Eligibility issued by the BSP for the assets, if any C Copy of the Notice of Bid Award
For refinancing/restructuring:
C List of outstanding obligations to be refinanced/restructured including reason/justification for refinancing/restructuring (e.g., financiai savings, net present value, etc.) (Annex c.1)
D Certification from creditors on current outstanding balances of the loans to be refinanced/restructured or substitute documents
3. Additional Documents Required for Applications for Registration
0 Copy of signed loan/credit agreement and other related documents (guarantee/surety agreement, fee promissory notes, etc.) (NOTE: Loan agreement must not be notarized.) letters, final offering circular, underwriting and paying agency agreement, subscription agreement,
C Summary of Loan Disbursement and Utilization (Annex D and related schedules)
C Proofs of loan disbursements and utilization [such as Certificate of Inward Remittance (CIR) and shipping documents] conversion to pesos (for payment of local costs), bank debit and credit advices, official receipts and
C Information Sheet on Loan Applied for BSP Registration (for fully availed loans) -- Annex E
These documents ar. also required for applications for registration of loans which are not subject to prior BSP approval under existing policy
Form 02-001-01 * Version 2* Updated 31 Mar 2011 Page 4 of 5
{continued
I hereby certify that (i) all representations made and documents/information submitted herein are true and correct and (ii) all copies of documents submitted (other than originals) are certified true copies of the original.
Certified True and Correct:
(Signature of authorized official over printed name)
(Designation)
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 5 of 5
ANNEX A BORROWER PROFILE ---
,- .,..
1.GOVERNMENT REGISTRATION(S)/AUTHORITY(IES)/FRANCHISE (Indicate original and amendments).
Securities and Exchange Commission Government Agency/Authority Reg. No. Date Validity Period
Board of Investments (Cite only registra- tion for loan purpose/project)
Others (Specify)
. CURRENT CAPITALIZATION As of (ddmmyy)
Subscribed Authorized Common Preferred No. of Shares Par Value Total Amount
Paid - up Common Preferred Preferred Common
CURRENT OWNERSHIP STRUCTURE T AS of (ddmmyY) EY
Name and Nationality* No. of Shares Peso Value Percent Share
Filipino
Foreign Sub-total
Sub-total Grand Total
* if more than 10, indicate major stockholders only and aggregate the rest by nationality Note: Indicate N/A if not applicable
iOD Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 1 of 3
ANNEX A
BORROWER PROFILE W 3. CURRENT PRINCIPAL OFFICERS/BOARD OF DIRECTORS (IndIcate wIth an asterisk) AS OF (ddmmyy): Name Position Nationality
FINANCAL POsmON In ooo functional currency Functional Currency :
As of (ddmmyy) Latest Audited As of (ddmmyy) Latest Unaudited
Current Ratio
Current Assets Current Liabilities Long-term Debt to Equity Ratio
Before loan availment: Stockholders' Equity Long-term Debt (all ioans: peso and FX)
After loan availment: Long-term Debt (all loans: peso and FX) Stockholders' Equity OUTSTANDING FOREIGN/FOREIGN CURRENCY LOANS AS OF (MMYY) Whh BSP Approval/Registration Short-term Offshore sources H SoIan oN UsD Equivalent
FCDUs
Medium/Long-term Offshore sources
FCDUs
Totat
I0D Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 2 of 3
ANNEX A
,: BORROWER PROFILEHY #
4FINANCIAL POSiTION (in O00 functional currencyt continued a
Without BSp Approvat In original currency
Short-term Registration Offshore sources ,,, CurrencyAmount USD Equivalent
FCDUS
Medium/Long-term Offshore sources
FCDUs
Total
Exchange rate assumption:
5.OTHER INFORMATION (such as dlsclosure of planned or actual changes in/status of capitalization, etc.)
Medium/Long term - those with original maturity of more than 1 year from initial disbursement date Short-term - those with original maturity of up to 1 year from initial disbursement date
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 3 of 3
ANNEX A.1
CREDITOR PROFILE -r,- 1GOVERNMENT REGISTRATIONS Indicate original and amendments :
Government Agency/Authority Reg. No. Date Yalidity Period
CURRENT CAPITALIZATIONAsf dmmy
Authorized Paid - up Currency Amount
CURENTOWNERSHIP STRUCTURES AS (m)
Nationality* Percent Share to Total
Grand total 3.CURRENT PRINCIPAL OFFICERS/BOARD OF DIRECTORS (IndicatewIth an asterisk) AS OF (ddmmyy) 2a
Name Position Nationality
AOTHER PERTINENT INFORMATION TTOAO 3
* If more than 10, indicate major stockholders only and aggregate the rest by nationality Note: Indicate N/A if not applicable
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011
ANNEX A.2
GUARANTOR PROFILE
1. GOVERNMENT REGISTRATIONS (Indicate original and amendments)
Government Agency/Authority Reg. No. Date Vatidity Period
2CURRENT CAPITALIZATION As of (ddmmyy) w
Paid - up Authorized Currency Amount
CCURRENT OWNERSHIP STRUCTURE AS of (ddmmYY)
Nationality* Percent Share to Total
Grand tota!
3.CURRENT PRINCIPAL OFFICERS/BOARD OF DIRECTORS (Indicate with an astertsk) AS OF [ddmmyy):
Name Position Nationality
A OTHER PERTINENTINFORMATION N W
* If more than 10, indicate major stockholders only and aggregate the rest by nationality Note: Indicate N/A if not applicable
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011
ANNEX B
.:-:. SUMMARY OF LOAN TERMS AND CONDITIONS*
57
Borrower
Amount (original currency)
Type of credit facility**
Currency of denomination *
repayment
Lead Creditor Arranger
Participants to Syndication (if the loan is syndicated)
Name of Creditor Country of Residence Percent Share Amount
TOTAL
* If used for Application for Registration of loans not subject to prior BSP approval, indicate specific sections of the covering ** Possible entries: supplier's credit, revolving credit, bond/note issue, subordinated loan, etc. agreement for each loan term/condition. Note: Indicate N/A if not applicable
[OD Form O2-001-01* Version 2* Updated 31 Mar 2011 Page 1 of 3
ANNEX B
SUMMARY OF LOAN TERMS AND CONDITIONS* , :,,,,,,.. ------- ----- Project/Purpose (Annex C):
Project Implementation Period (mmyy): From: To:
Loan Availability Period (mmyy): From: To:
Maturity (inclusive of grace period) in yrs and fraction thereof: Grace Period :
Interest Rate (in % p.a.) Fixed : Basis/Description: Rate:
Variable : Spread: Base Rate: Type Indicative Rate (In %)
Other conditions (such as capitalization of interest, reduction or step-up in interest rate upon occurrence of certain events, interest subsidy):
Repayment (Details in Annex B.1)
Principal Fi rst : Last:
No. of Installments: Frequency (annual, semi-annual, etc.):
Interest First: Last:
Frequency (annual, semi-annual, etc.):
Other Conditions (such as roll-over, put and call options, conversion to equity, etc.):
Fees Front-end Fee One-time (Flat) Frequency of Payment Periodic* Rate (In %) or Amount Computation Basis for
Commitment Fee Guarantee Fee Insurance Premium C D
Others (specify) Penalty/Default Rate Prepayment Premium Agency Fee 00 0
* Indicate whether annually, semi-annuaily, quarterly or monthly
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 2 of 3
ANNEX B
SUMMARY OF LOAN TERMS AND CONDITIONS
Guarantor/Insurer:
Name Foreign Percent Share Loca!
TOTAL
Guarantee/Security/Collateral Terms, Conditions and Mechanics:
Other Financial Loan Terms and Conditions (such as additional costs and fees, taxation, minimum financial ratios, cash waterfail, use of special accounts):
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 3 of 3
ANNEX B.1
LOAN DISBURSEMENT AND AMORTIZATION SCHEDULES*
E ln Original Currency
Borrower Creditor Loan Amount Currency Maturity (in years) Grace Peri od (in years) ** : . . Interest : Floating Rate (in %) Basis for Computation Fixed Rate Spread Base Rate (number of days) : *
Date** (ddmmyy) Disbursement Principal Repayment Interest Payment Principal Balance
.. : .. + :
: :
:. : :
: . .. :
* .. : : :
: : : ** H : : * . * . : : : :
* :
* : *
: * : : : : .+ : :
**
. * **
TOTALS
To be accomplished for each loan/tranche where terms are different ** For disbursements and payments already effected as of application with BSP, indicate transaction date If more space is needed, use a separate sheet of paper following the same format
IOD Form 02-001-01* Version 2* Updated 31 March 2011
ANNEX C
DETAILS OF LOAN PURPOSE/PROJECT
a) Brief Description (please indicate also project status and timeline): (If for refinancing/restructuring of existing obligations, indicate details using Annex C.1; If for relending, indicate beneficiary company(ies)/ sector/s, relending terms including currency of relend ing and repayment)
b) Location (For project financing):
c) Project Cost (In US$ 000 and original currency, if applicable)
Description Orig. Currency Local Costs* USD Equiv. Orig. Currency Foreign Costs** USD Equiv. Orig. Currency Total USD Equiv.
TOTALS
Those payable to Philippine residents other than FCDUs * Those payable to non-residents
IOD Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 1of 3
ANNEX C
DETAILSOELOAN PURPOSEIPROJECT
d) Sources of funds (In US$ 000 and original currency, if applicable; specify names of investor/creditor, if available)
Equity Locai investors Orig. Currency Local* USD Equiv. Orig. Currency Costs to be Financed Foreign** USD Equiv. Orig. Currency Total USD Equiv.
Foreign Investors
Sub-total
Borrowings Peso Borrowings
FX Borrowings
Sub-total
Internally Generated Funds
Others (please specify)
Sub-total
Grand total
Exchange Rate Assumptions
** Those payable to non-residents * Those payable ta Philippine residents other than FCDUs
I0D Form 02-001-01* Version 2* Updated 31 Mar 2011 Page 2 of 3
ANEC
DETAILS OF LOAN PURPOSE/PROJECT e) Benefits/Justifications (economic, financiat, social, etc.) for the project/purpose and the financing scheme he
IOD Form 02-001-01*Version 2* Updated 31 Mar 2011 Pae 3 of 3
AA ONA D o ea ats
et RAd
B
LAIRAERRAARLARERRARARRLNRRRRAARARERRRRERLRRRR trorone uor Crne
MO S tunooy ueon Bttprtitint (nian
Da eaeeead
:: frprt
NAA tIOZ Jtl Tt po1epdn L UOrslot *TO-TO0-Z0 WJOl QO DSO jO Doa "ON -3oo/joAOrddv
A XANNV Ej0 Io3ed {trr trtrrtitt trt trotirir tr)
yunouy
*** uoo Arnrrnn
ARRLAARA RRIARNIRARAAIILLAITY I totrnrtrtr/rtn
LRIIITLRLLNAATALATERTTRT 4unouv
**stses eoe] (Xsuarrnt
*rerttttintrte tonttttion qunory Dee IOLOS 1OIIIS (A!nb3 aSn ut) siirtit (ntt jo ttto oen atd {tter te siretp) siiiut at irapit rrdrtr or rqeled aroni+* ( ted uieep) sso o aqeed as** (ie aoaded joas eeapsaeds j Ito7 Jol tt poepd tutsott0-o01o 1o0
AONND (*ri ie Doee E j0 Z 38ed (rorr frtrortorr rrr frrtorerer rrr)
O
'A!nbE$S
EOAAALLAAAAINALRAAOOOOASOOOOS Ili/tttrrr (dHd u) qunow
31e0 TOILIS iirintt etrtidoirtiit j rtitjt itritrtins tiei eiitro n ** Jo auen tteeportt torn Frrereretrrrrre 9 tntt rrn Jatto tirtoer ttrd!tr ot aitelrn rrti *oorrrt otre astd ** (rerrrret trotrerer ored jetaant toeoeratarn oaeaaraoees ort di) Ha rolte paopln uaoit0ra0loiaaoi
AXANND (**iertiir (etre D E j0EoBed (rur rorrotrtin rot trruttrnat ro)
'N!nb3 $Sn
ARTLALLOR A **lrti/titrir -!o ui ounony : Aorarrnt "(Certrrnr 1OO00S
DRE
errrreerrrprrrre DMAN feteoet totn Coornry Tapo iA att tortt ere te ** itt ithtthejorio rort eoiretittids tieoo u* (retrer tet art teororare jotortoeaerat e arn proaae taoeds aai ji) tIOZ JO TE pepdn +L uo!sJA * T0-TO0-Z0 WaOl
ANNEX E
INFORMATION SHEET ON LOAN APPLED FOR BSP REGISTRATION
ABASIC LOAN INFORMATION .. :
Borrower BSP-DAN
Creditor(s)/Lead Bank
Loan Agreement No. & Date Loan Availability Period
Original Amt of Loan Commitment
Interest Rate (in percent p.a.) Fixed Floating - Base Spread
BLOAN STATUST W
Original Loan Commitment Le Net Commitment Cancellations [In Orig. Currency) Amount (Add information about the transactions, e.g, total amount converted to equity, if any; condonation, etc.) Remarks
Balance Available for Drawing Less Total Drawdowns to-date 0.00
Add Capitalized Interest, if any {Indicate period covered} Total Drawdowns Les Principat Repayments
Outstanding Balance
C PAYMENT SCHEDULE FOR OUTSTANDING LOAN BALANCE (AOOUNt I ONNGICUeDGY)N
Due Date (ddmmy) Principal Interest** : Amount Other Fees/Charges 1 Iype : * Iotal
*
* : :
*
: * **
:* : *
: . +.
: : :
: :
TOTALS Interest Rate:
To be used for fully drawn account.
IOD Form 02-001-01*Version 2*Updated 31 Mar 2011 (For Applications for Registration only)
..t tttttml. AAXANET Z o I a9ed trnnat ttnnrnnrnrrnrrtnn : Ft totsstoitnt roo Kuanba Kuow Jaijo shop butyn () at : atioiae yno aouanayat fo pua Hn fo nhnn TOORANOOOOINIOORRORHRRRIRRRRORAROOS (tnrnrrnn (nrttr r NOIRTIOOONI Iterikr tett jo aoea Aunorn Kpt 1rrR Po pod RRe pamttod aodind Mnnrr E " [o} E E E :ooreet toteet uolinubosaa 3 atdn (trnr paorr Jirr arnrnris)
Jo yooow aot Jou CEAPT (n Cay [
crran tpt [ :Rt parprar Uonniftta 3 Dlnn {trnr pitrrr riir arninrltr
Rrraraeae Jqrnr [t
ZR
..tt oatttea.. AAAL Z jO Z a3ed 3utpuritnt arrare *ow jo puoa [6T]
tteetee [t]
TRORAROOOINIOARRORHRRRORROOAROOS HONOW Siuawked rre DAd Jrdtd [Lt] "'[st] :etieei titet UolnuO!SDa 8 lDn (ttnt pitrte Janr arntnrbir)
Wm fo annn Jo youow aut Jo (tnrirrntortttr r TAAITAITAIIST THE PR STu31I!AI auee ang junorv [t] [t
D [L]
artaittrtne aueaa "oW to -33 Crteirr [tt] :Rq parprppd UoinuG!saa 3 1inn (arnt pitrr dnrr arntnrnts)
SL DN
..t tttnta... ZA OENE breitraiinte iitaithnttrtt (eieiernr trntnat tnnnnnn(nrnnront ottnt Iuaxad Rujpue fnr uae ndpurd (quow jo puo) tt *(+t) (9) Jair titrtnttr arneratt x
rnn so Sung sottn ta X s 3eG ana ( {et} :utod D
jumopra Auay (tt*
RANAAAROATA PRARRRTRARTRRRARRRRRNLE RORARRRRROORRRNRROOS " o youow aoo ro (rnret (trtrr) (yuojo uya} bo jo snes t Sutortt uupun to 3aa (Buo ouaunt suannan unntn Torta 2 (t) 6) ) {rirarpr irrrat art rrr tt (xer) rornt rrr hrt parnrt ararhiuarhed raorarr oetartareaer /t
mknrl poad aoog ( }
UBot jo e1bc da hrre Atoqv }
/paanurreng Ihq pansut tIO7 KON St p3ept st uo!staA+t0-F00-to oy QO! EAORT rOoOt JO oOr a I {t} te
.t iitntae. AANNE 1ted dnrtrrtnttonr rtrrrratfrrerrrort Mn uw * jo pa Jaljo shApp Butrnq (St) urai meree trrtrafe Itpart j tr Dsornd E
Ho uonstns io Kruanbay arpnae RREEEERARRERERRRARRARRRRAREERRRRERRERAERRRRRRRRRRES tL (Wnuuy Jad) ht [] [
HRRRRARNRRRRAARRRRN jo touor too ror (Irtrnnrn i CRROOORRRRRROON ubd tunorn piid Gut [u]
Crd
abe
Par at 2E
..t itonae. ARNE H oed Outartirine aaree stuawked yooow to pua Drntortr treeeere [t] [o] [6 (ttrtorntrir trt rnitr eiitrrtntt trnt tarrr tanr arntrrbor
RRRERRRORRRRRRRRRRRAARRRRARRERRRRRRRRAARRRRRRRRRRRRRS HINON H NINN SOTSNNIL ttrart Prc []
tiea ona {L}
HANRDNRNEDNAAURRRRN fo toohttnomhr (lnrirntrrttr r) CARU PRlR Airnitnns DE [9] E :etteet eieeett
Butpurttnt Frg *Ow jo -3g E
Cnr
FORRRT E
Buag R d [
More in BSP Circulars
- Branching Policy and Guidelines(BSP Circular No. 505)
- Requirements on the declaration of dividends(BSP Circular No. 490)
- Effectivity date of Circular No. 392 dated 23 July 2004(BSP Circular No. 453)
- Extension of the Deadline for the Submission of Reports on Covered and Suspicious Transactions to the AMLC(BSP Circular No. 612)
- Rules and regulations to implement Section 70 of R.A. No. 8791 (The General Banking Law of 2000)(BSP Circular No. 382)
- Revised rules and regulations to govern accounting for investments in debt and equity securities(BSP Circular No. 476)
- To delegate to the Governor/Deputy Governor, Supervision and Examination Sector the authority to approve applications of rural banks to accept demand and/or government deposits(BSP Circular No. 20)
- Legal Tender Limit of Philippine Coins for Single Transaction(BSP Circular No. 1162)
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.