Amendments to Foreign Exchange Regulations

BANEKO SENTRAL NO PILIPINAS OFFICE OF THE GOVERNOR cIRCUtAR NO.925 Series of 2016 Subiect: Amendments to Foreign Exchang€ Regulations Pursuant to Monetary Board Resolution No. 1644 dated 8 September 2016, the following provisions of the Manual of Regulations on ForeiSn Exchange Transactions {issued under Circular No. 645 dated 13 February 2009, as amended) are further revised as follows: "PART ONE. RULES ON FOREIGN EXCI{ANGE TRANSACTIONS Chaoter I GENERAI- PROVISIONS 1. Regulations Boverning foreign exchange transactions are hereby consolidated in this Manual of Regulations on Foreign Exchange Transactions hereinafter referred to as the "Manual". 2. All foreign exchange transactions, including those of authorized agent banks {AABS)/AAB-subsidiary/affiliate forex corporations (AAB-forex corps), must be compliant with applicable laws, rules and regulations, including the "Know Your Customer" policy. 3. The sale of foreign exchange may be freely made: (a) between and among AAB5; (b) by AAB-forex corps to AAE5; and {c) between and among individuals/entities other than AABs/AAB-forex corps: Provided, that the 5ale of foreign exchange by non-bank BsP-supervised entities (NBBSEs), including qualified entities operating as foreign exchange dealers/money changers {FXDs/MCs) and remittance agents (RAs) that are neither AABS nor AAB-forex corps, shall be governed by other applicable BSP regulations, including Circular No.471 dated 24 January 2005, as amended, and shall not be covered by this Manual. 4. The rules on foreign exchange that may be sold and the related documentarv requirements shall apply to the 5ale of foreign exchange by AABs/AAB-forex corps to individuals/entities that are not AABs 5. All sales of foreign exchange by AAB5/AA8-forex corps under this Manual for settlement of foreign exchange transactions are subject to the submission by the purchaser of a duly accomplished Application To Purchase Foreign Exchange using the prescribed form (Annex A) A. M.b.r St., Malate 1OO4 Manila, Philippines. (632)708.7701. www bsp.sov ph ' bspmail@bsp cov ph

6, The seller/remitter of foreign exchange shall ensure that applicable Philippine taxes related to the foreign exchange transactions [including those applicable to the following: {a) sale of forei8n exchange; (b) remittance of foreign exchange; and (c) the underlying foreign exchange transactionl have been paid and the remittance is net of such taxes. For this purpose, the seller/remitter of foreiSn exchange shall require submission by the purchaser of foreign exchange of receipt{s)/evidence of payment of taxes, where applicable. 7. The terms used herein are as defined in the "Glossary of Terms" hereof unless otherwise indicated in specific sections ofthis Manual. Chapter ll RESIDENT TO RESIDENT TRANSACTIONS 1. AABS/AAB-forex corps may sell foreign exchange (regardless of amount) to non-bank residents for their foreign exchanBe transactionsl with other residents subject to the submission to the foreign exchange selling institution of a duly accomplished Application To Purchase Foreign Exchange (Annex A) and supported by documents listed under Aooendix 1. 2. All foreign exchange purchases shall either be: a. remitted directly to the intended resident beneficiary's account (including payment/treasury centers/hubs of a group of companies) on the date of ourchase: or b. credited to the resident purchaser's FCDU account (with the same or another AAB) for eventual remittance by the depository AAB to the intended beneficiary for the declared purpose: P/ovided, that jf the depository bank is different from the foreign exchange selling institution: (i) the foreign exchange selling institution shall directly t.ansfer the foreign exchange purchases to the depository bank of the purchaser; and {ii) the depository bank shall also be the foreign exchange remitting AAB. 3. Foreign currency loans obtained from banks operatin8 in the Philippines shall also be governed by the provisions of Part Three, Chapter I of this Manua 1." Trade and non-trade transactions (including loans and investments) requiring settlement in foreign Page2of17

"PART TWO. CURRENT ACCOUNT TRANSACTIONS Chaoter I NON-TRADE FOREIGN EXCHANGE RECEIPTS AND DISBURSEMENTS, CROSS-SORDER TRANSFER OF I.OCAI- AND FOREIGN CURRENCIES, AND GOtD TRANSACTIONS xxx Section 2. Sale of Foreign Exchange to Residents by AABS and AAB-Forex Corps for Non-Trade Current Account Transactions with Non-Residents. AAgs and AAB-forex corps may sell foreign exchange to residents to €over paVments to non-resident beneficiaries for non-trade current account purposes (e-g., education, medical and travel expenses, salaries of foreign expatriates), other than those relatinB to foreign/foreign currency loans and investments, without need for prior 8SP approval, subject to the submission ofthe followingto the foreign exchange selling institutaon: 1. For sale not exceeding U5D500,000 (for individuals) and USD1,000,000 (for corporates/other entities) or its equivalent in other foreign currency per client per day O Duly accomplished Application To Purchase Foreign Exchange (Annex A); 2. For sale exceeding USD500,000 (for individuals) and USD1,000,000 (for corporates/other entities) or its equivalent in other foreign currency per client per day D Duly accomplished Application To Purchase Foreign Exchange {Annex A) and documents listed under Appendix 1. All foreign exchange purchases for non-trade current account transactions shall either be: a. remitted directly to the intended non-resident beneficiary's account (including payment/treasury centers/hubs of a group of companies) on the date of ourchase: or b. credited to the resident purchaser's FCDU account (with the same or another AAB) for eventual remittance by the depository AAB to the non-resident benefaciary (including payment/treasury centers/hubs of a group of companies) for the declared purpose: Provided, that if the depository bank is different from the foreign exchange selling institution: (i) the foreign exchange selling institution shall directly transfer the foreign exchange sold to the depository bank of the

purchaser; and (ii) the depository bank shall also be the foreign exchange remitting AA8. Foreign exchange purchased for travel and medical expenses abroad not yet incurred, and sales proceeds of emigrant's domestic assets where the emigrant is still in the country, may be held in cash, or directly remitted to the intended non-resident beneficiary or credited to the resident purchaser's FCDU account in accordance with items (a) and {b)above. " "Section 3. Peso Accounts of, and Sale of Foreign Exchange to, Non-Residents 1. Peso Accounts of Non-residents. x x x a. inward remittances of convertible foreign exchange'z; XXX f. peso proceeds from the onshore sale by non-resident issuers of their PSE-listed equity securities3. 2. Sale of Foreign Exchange to Non-Residents xxx Peso deposits funded by ltem no. 1{a) must have been used onshore to fund foreign direct investment/s and/or investments in eligible portfolio instruments, which are registered with the BSP or custodian banks, subject to the provisions of Part Three, Chapter ll (Foreign Investments) hereof and applicable appendices/annexes, to allow full conversion of peso funds to foreign exchange; otherwise, prior BsP approvalshall be required. a. Non-resident issuers of PSE-listed eouitv securities. Depository AAB5 may sell the equivalent forei8n exchange to non-resident issuers or their authorized representative up to the amount deposited in the peso account that are funded by ltem no. 1(f) upon presentation to the AAB of the original 8SP letter-authority to purchase foreiSn exchange and submission of a duly accomplished Application To Purchase Foreign Exchange (Annex A). XXX Refer to convertible currencies indicated in the BSP reference exchange rate bulletin Referto eq u ity secu rities of non'fesidents primarily listed at the PSE

"Chaoter ll FOREIGN MERCHANOISE TRADE TRANSACTIONS A. IMPORT TRADE TRANSACTIONS Section 6. General Policy. As a general rule, all kinds of merchandise imports are allowed. However, the importation of certain commodities are regulated or prohibited for reasons of public health and safety, national security, jnternational commitments, and development/rationalization of local industry. AABS and AAB-forex corps may sell foreign exchange to residents for payment of importations, subject to submission of the following to the foreign exchange selling institution: a. For sale not exceeding US0500,0O0 {for individuals) and USD1,000,000 (for corporates/other entities) or its equivalent in other foreign currency per client per day O Duly accomplished Application To Purchase Foreign Exchange (Annex A) b. For sale exceeding USD500,000 (for individuals) and USD1,000,000 {for corporates/other entities) or its equivalent in other foreign currency per client per day O Duly accomplished Application To Purchase Foreign Exchange (Annex A) and documents listed under Appendices 4 and 7 c. For sale of foreign exchange (regardless of amount) to settle net payables under intercompany netting arrangement [Open Account {O/A}l among non-bank related parties O Duly accomplished Application To Purchase Foreign Exchange (Annex A) and documents listed under Appendix 6.1 Foreign exchange purchased from AABs/AAB-forex corps for payment of importations shall either be: a. remitted directly to the intended non-resident beneficiary's account (including payment/treasury centers/hubs of a group of companies) on the date of Durchase: or b. credited to the resident importer's FCDU (with the same or another AAB) for eventual remittance by the depository AAB to the intended non-resident beneficiary {including payment/treasury centers/hubs of a group of companies) for settlement of import obligation: Provided, that if the depository bank is different from the foreign

exchange selling institutionr {i) the foreign exchange selling institution shall directly transfer the foreign exchange purchases to the depository bank of the purchaserj and {ji) the depository bank shall also be the foreign exchange remitting AA8." "Section 9. tetter of Credit {L/C) 1. xxx 2. Deferred L/Cs shali be governed by the pertinent provisions of Part lhree, Chapter 1 {Loans and Guarantees) hereof. For this purpose, deferred L/Cs shall refer to those with payment terms of more than one year reckoned from initial shiDment date." "PART THREE. CAPITAI. ACCOUNT TRANSACTIONS" Chapter I I.OANS AND GUARANTEES "Section 22. The BSP shall regulate foreignforeign currency loans to ensure that principal and interest thereon can be serviced in an orderly manner and with due regard to the economy's overall debt servicing capacity. Loans from offshore sources, OBU5 as well as foreign currency loans from banks operating in the Philippines shall be submitted to the BSP for prior approval and/or r€gistration if these will ultimately be serviced with foreign exchange to be purchased from AABs/AAB-forex corps {including those covered by derivatives transactions), unless otherwise indicated nerern. 1. xxx 2. Resident companies/entities intending to obtain medium- and long-term loans and/or issue debt instruments (whether onshore or offshore) that are denominated/requirinB settlement in foreign currency shall submit to the 85P-lOD their annual borrowings plan using the prescribed form (Annex D.3): 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 lea5t USD10 million, or its equavalent - every end-September for borrowings for the following year.

Any changes to the submitted plan shall be communicated to the BSP-IOD within two (2) weeks upon availability of information for monitoring and proSramminS purposes. 3. xxx 4. For statistical purposes, all foreign borrowings of private sector entities (including those in the form of bonds/notes/other debt instruments issued), whether or not these are BSP-approved/registered, shall be regularly reported to the BSP-lOD, using the prescribed forms {Annexes E.1, E.2, E.3 and E.4) within the required deadline until the obligations are fully extinguished. 5. xxx 6. Foreign borrowings (including those in the form of bonds/notes/other debt instruments) of banks shall be subject to items 2 and 4 of this Section, the MOR8, and other applicable laws, rules and resulations. Foreignforeign currency loans/borrowings including those in the form of bonds/notes/other debt instruments of non-bank financial institutions with qua5i-banking functions that are not publicly-guaranteed shall complV with items 2 and 4 of this Section, Section 29 and Appendix 1 of this Manual, the MORNBFI, and other applicable laws, rules and regulations. 7. Private sector non-banks who incur loans that are subject to prior BSP approval and/or registration shall maintain a long,term debt-to-equity 'atio of 75125 or better during the entire duration of the loans, except as may be explicitly allowed by the BSP." "Section 23. Loans Requirint Prior BSP Approval. Prior BSP approval shall be required for the following loans: 1. All foreign/foreign currency loans of the following publjc sector entities, except short-term foreign currency loans from banks operating in the Philippines that are covered by Section 24.4: xxx 2. All foreign/foreign currency loans ofthe private sector ifguaranteed by government corporations and/or governmentfinancial institutions. 3. Loans from offshore sources and OBU5 with maturities exceeding one (1)year to be obtained by private non-bank financial institutions (except those to be incurred by non-bank financial institutions with quasi-banking functions) intended for relending to public or private sector enterprises.

4. other loans intended to be serviced using foreign exchange purchased by the borrower/creditor/guarantor from AABS or AAg-forex coros and not covered bv Section 24. XXX "Section 24. Loans Not Requiring Prior 8SP Approval. The following loans may be obtained without prior BSP approval: 1. a. Loans of resident private sector borrowers from offshore sources that will be serviced using foreign exchange to be purchased from entities that are neither AA8s nor AAB-forex corps. b. Foreign currency loans of resident private sector borrowers from banks operating jn the Philippines: Ptovided, that these: (i) are not publicly-guaranteed; (ii) are reported by the creditor bank to the BSP using the prescribed forms (los-Form 4 and Consolidated Report on ForeiSn currency Loans Granted by Regular Banking Units, as may be applicable). c. Foreign cuffency loans of non-residents from banks operating in the Philippines: Provided, that the loans shall not be serviced using foreign exchange to be purchased from AAEs/AAB-forex corps. xxx 4. Short-term foreign currency loans of the following public sector borrowers from banks operating in the Philippines: XXX 5. Short-term loans of private exporters/importers from OBUS and offshore foreign banks with branches in the Philippines: Provrded, that: a. The loans are not covered by a guarantee from a Sovernment financial institution/corporation; b. The loans shall be exclusivelv used to finance specific trade transactions, i.e., to liquidate/pay for import obligations and/or in the case of export financing transactions, to fund the borrower's pre-export financing requirements; c. Loan proceeds intended to pay for forei8n exchange requirements may be paid directly to the intended beneficiary, while amounts intended to fund pre-export peso costs shall be inwardly remitted and may either be paid di.ectly to the intended beneficiary or sold for pesos to AABsj xxx

9. Loans of resident private sector borrowers from offshore sources that are not guaranteed by public sector entities to finance the Government's Public-Private Partnership (PPP) projects. These loans may be obtained without prior 8SP approval until 28 December 2016. However, if financing for the PPP projects will be in the form of offshore issuances of peso-denominated instruments, the provisions of Section 31.2 shall apply. The loans listed under this Section shall, howev€r, be registered with the BsP pursuant to Section 28, if to be serviced by the borrower/creditor/ guarantor using foreign exchange from AABs/AAB-forex corps, including loans that are covered by derivatives contracts which shall also be subject to the provisions of Sections 88 to 94 and Appendix 18" of the Manual. Said registration requirement does not apply to loans under items 1(a)-(c) and 2 hereot while loans covered by items 4 and 5 shall be subject to the provisions of Section 28.3." "section 27. Drawdown/Availment on Loans. Loans intended to be serviced using foreign exchange purchased from AABS or AA8-forex corps shall comply with the following: 1- xxx 2. Loan proceeds intended to fund local costs (i.e., those payable to residents) shall be inwardly remitted and may either be paid directly to the intended beneficiary or sold for pesos to AA8s. xxx "Section 28, Registration of [oans 3. Loans granted under sections 24.4 and 24.5 that are duly reported to the BSP using the prescribed forms (lOS Form 4, Consolidated Report on Foreign Currency toans Granted by Regular Banking Units and schedule 4A (Part l) & 48 (Part ll) of the Consolidated Report on loans Granted by OBl.Js to Residents) are deemed registered. xxx" "section 29. Servicing of l-oans' 1. All foreign exchange purchases from AABs/AAB-forex corps for servicing of foreign/foreign currency loans shall either be: Cove.s loans that wil be serviced/f!nded Lrring foreign exchange sourced by the borrower/creditor/guarantor from AABs/AABJorex corps through foreiSn exchange forwards or swaps under Part F ve, Chapter I hereof in relation to appendix 18.

remitted directly to the intended beneficiary's account on the date of ourchase: or b. credited to the FCDU account of the resident borrower/guarantor (with the same or another AAB) for eventual remittance by the depository AAB to the intended beneficiary for the declared putpose: Prcvided, that if the depository bank is different from the foreign exchange selling institution: (i) the foreign exchange selling institution shall directly transfer the foreign exchange purchases to the depository bank of the purchaser; and {ii) the depository bank shall also be the foreign exchange remitting AAB. 2. Foreign exchange requirements for payment of principal, interest, fees and related charges on loans duly registered with the BSP may be fully purchased from AABs/MB-forex corps and remitted through AABs as these fall due without prior BSP approval, provided such interest, fees and charges are indicated in the BSP registration document, and documents listed under Appendix t hereof are submjtted to the foreign exchange selling institution. 3. xxx 4. AAB5 and AAB-forex corps may sell foreign exchange without prior 85P approval for prepayments {i.e., payments before origjnal due dates) of BSP-registered private sector loans (including bonds and notes) that are not publicly-guaranteed, subject to the following conditions: XXX d. Advance foreign exchange purchases shall be deposited in the borrower's FCDU account or in the borrower's offshore account pending remittance of the full amount by the depository bank to the creditor at the target prepayment date. xxx 5. AABS and AAB-forex corps may sell foreign exchange without prior BSP approval for prepayment (i.e., payments before original due dates) of the following loans that are not publicly-guaranteed: (i) foreign/foreign currency loans of non-bank financial institutions with quasi-banking functions; and {ii) foreign currency loans of the private sector, subject to documentary requirements listed under Appendix t hereof. 6. To purchase foreign exchange for loan-related payments, the dulv accomplished Application To Purchase Foreign Exchange (Annex A) shall be submitted to the foreagn exchange selling AAB/AAB-forex corp with the documents listed under Appendix t hereof. 7. xxx"

"Section 30. Approval/Regi5tration and S€rvicing ol Guarantees 1. xxx 2. the following guarantees, including risk take-over and similar arrangements, for account of the private sector shall not require prior BSP approval and registration but shall be reported to the BSP by AABS as issuer/beneficiary using the prescribed form (Annex G if AAB is issuer or Annex H if AAB is beneficiary) to be eligible for servicing using foreign exchange purchased from AABs/AAB-forex corps in the event of default by the principal obligor: A, XXX b. Guarantees to be issued by foreign banks and financial institutions as well as other foreign entities to secure peso loans/ foreign currency loans from banks operating in the Philippines that are authorized under Sections 24.1(b) and 24.4. Proceeds of guarantees where the beneficiary is a resident shall be inwardly remitted and may either be paid directly to the resident beneficiary or sold for pesosto AABS. XXX "Chapter ll FOREIGN INVESTMENTS XXX Section 36. Registration with the BSP. x x x All applications6 for registration of foreign direct investments (Annex W) under Section 34 shall be filed with the BSP, through the International Operations Department, within one (1) year to be reckoned from the following dates: X X X.,, "Section 40. Repatriation and Remittance Privileges 1. xxx Applications for registration of foreign direct investments, which have not yet been filed with the BSP IOD atter the expiration of the prescriptive period for filing of such applicationr, may be filed with the BSP IOD from 1 September 2016 up to 1 September 2017, subject to compliance with the reSistration requirements under this Manual and payment of a fixed processing fee of PHP10,000.00 per Bangko S€ntralRegistration Document to be issued.

2. Foreign exchange may be purchased from AAB5/AAB-forex corps in an amount equivalent to the peso sales/divestments proceeds (including dividends, profits or earnings thereon) of BSP-registered foreign investments in accordance with the procedures outlined in Appendix 11 and supported by the documents listed under Appendix t hereof. 3. Registering banks for foreign investments may sell the equivalent foreign exchange of: {a) excess pesos funded with inward remittance of foreign exchange computed as follows: peso proceeds of foreign exchanBe inwardly remitted less the peso amount actually used for BsP-registered investment/s; plus (b) interest earned on the excess pesos, if any, subject to the following conditionsl a. the investor 5hall comply with the documents listed under Appendix t hereof; 4. xxx 5. The foreign exchange purchases may be made by the resident agent/authorized representat've on behalf of the non-resident investor for direct remittance to the non-resident beneficiary on the date of purchase." "Section 44. Investments by Philippine Residents 1. General policy - a. Residents may invest in instruments enumerated in itemg 2 hereof, without prior BSP approval funded by: {i) their foreiBn currency deposit account/s (whether offshore or onshore); and/or {ii) FX purchased from AABs/AAB-forex corps of up to U5060 million or its equivalent in other foreign currency per investor per year, or per fund per year for qualified investors (Qls). XXX f. All foreign exchange purchases for investments by residents shall be: i. remitted directly to the account of the intended beneficiary (e.9., non-resident investee firm, fund manager, broker/dealer, and/or non-resident parent company/subsidiary); or

. credited to the resident investor's FCDU account (with the same or another AAB) for eventual remittance by the depository AAB to the intended beneficiary for funding of investment: P/ovided, that if the depositorv bank is different from the foreign exchange selling institution: (i) the foreiSn exchange selling institution 5hall directly transfer the foreign exchange purchases to the depository bank of the purchaser; and (ii) the depository bank shall also be the foreign exchange remitting AAB. c. AABs and AAB-forex corps shall submit a monthly report (Annex V) to the BSP-IOD on the sale of foreign exchange for investments enumerated in this Section as well as investments by residents falling under resident to resident transactions under Part l, Chapter ll hereof, within the required d€adline. h. All foreign exchange purchases by resjdents for investments enumerated under this Section shall require the submission of a duly accomplished Application to Purchase Foreign Exchange (Annex A) and documents listed under Appendix 1. Foreign exchange purchases shall be consolidated for purposes of determining compliance with the allowable limit prescribed in ltem 1.a.ii. Other investments by residentsT which will require settlement in foreiSn currency in favor of another resident shall be governed by the rules on resident to resident transactions under Part l, Chapter ll hereof. 2. Outward investments by residents - xxx e. Foreign currency-denominated investment instruments issued onshore by non-residents" "PART FOUR. OFFSHORE BANKING UNITS, REPRESENTATIVE OFFICES ANO FOREIGN CURRENCY DEPOSIT UNIT5" "Section 73. Foreign Currency Cover Reqtlirements. x x x 1. xxx 7 such a5 (a) bond5/notes by the Republic of the Philipplnes or other Philipp ne and/or residents; (b) Instruments held for sale/lrading by banks operating in the Phl ippines: {i) bond/notes issued ottshore bv the Republic oi the Philippines or other Philippine resident entitiesj and (ii) debt securities issued by non-residents that are payable in foreign cur.encv, provided the required license/approval/clearance/other requi.ements of the Securilies and Exchange Commission and other government agencies have been obtained/complied with; and (c) equitv securit es issued bv residents and listed abroad

XXX g. Foreign curency loans and receivables maturing within one (1) year authorized by the 85P, booked under the following: xxx loans and receivables authorized by the 85P shall refer to those granted pursuant to this Manual and shall include the following: (a) loans with specific approval by the BSP under Section 23 (toans Requiring Prior BSP Approval); {b) short-term loans of resident private and public sector borrowers whjch are not subject to prior BSP approval under Section 24 (Loans Not Requiring Prior BSP Approval); and (c) loans of resident private sector borrowers under Section 24.1.a not to be serviced using foreign exchange purchased from AABs/AAB-forex corps: Provlded, that all applicable banking rules and regulations are complied with, including the single borrower's limit as provided in the MORB; xxx 2. For banks authori2ed to operate an EFCDU - The foregoing accounts, regardless of maturity, and in the case of investment in foreign currency denominated debt instruments {including debt instruments booked under LJnquoted Debt Securities Classified as loans and investments in structured products), regardless of maturity and marketability, shall all be considered as eligible asset cover- Loans to resident private and public sector borrowers which under Section 24 are not subject to prior BSP approval shall have short-term maturitaes. .PART FIVE. FOREIGN EXCHANGE FORWARDS AND SWAPS AND OPEN FOREIGN EXCHANGE POSITION OF BANKS" "Section 91. Tenor/Maturity and Settlement xxx d. Remittance of foreign exchange proceeds of deliverable forward and swap conlracls Foreign exchange proceeds of deliverable forward and swap contracts shall either be: i. delivered by the AAB counterparty directly to the beneficiaries concerned, except for foreign investments where said FX proceeds are reconverted to Philippine pesos and re-invested in eligible peso instruments such as those listed in Appendix 18. For this purpose, PaSe 14 or 17

beneficiaries shall refer to the FCDU/EFCDU of a bank, a non-resident entity (e.g., creditor, supplier, investor), or a resident (for resident to resident transactions) to whom the customer is committed to pay/remit foreign exchangei or ii. credited to the FCDU account of the customer (with the same or another AAB) for eventual use3/remittance by the depository AAB to the intended beneficiary {includinB payment/treasury centers/hubs of a group of companjes, as may be applicable): Provided, that il the depositorv bank is different from the AAB counterparty: (i) the AAB counterparty shall directly transfer the foreiSn exchange proceeds to the depositorv bank of the customer; and (ii) the depository bank shall also be the foreign exchange remitting AAB .PART SIX. GENERAL PROVISIONS chaPter I REPORTS AND POST VERIFICATION "section 101. Reportorial Requirements. The following reports are required to be submitted to the BSP by AABs, OBUs, and AA8'forex corps, where applicable: Title of Report submissioh submission FrequencV/Deadline Procedure Category A. Consolidated Report on Fo,eign Exchange Assets and Liabilities c. Foreign currencv Loans and Related Transactions B Report on ForeiSn -do -do- Exchange Swaps with Customers where the First Leg is a Purchase of Foreign Exchange Against Pesos (Annex M) A2 Consolidated Report on Monthly, not later than Emailto IOD at Foreitn Currency Loans 15 banking days from end of REP-RBU-FXLOAN Granted by Regular reference month @bsp.gov.ph Eanking Units "Glogsary of Terms FOR PURPOSES OF THIS MANUAt, thE following definitions are adopted: 'ln case of peso l!nding requirements covered by for€ign exchange swaps

Foreign Curency Lodns tetet to loans owed to banks operating in the Philippines that are denominated in currencies other than the Philippine De50. xxx Non-trcde cuftent occount trunsoctions refer to al' non-trade transactions {also referred to as invisibles) with non-residents not included in the definition of trade transactions, but excluding those related to foreign/foreign currency loans) foreiSn investments and other investments by both residents and non-residents. Non-tftde trdnsdctions refer to all other foreign exchange transactions not included in the definition of trade transactions. These shall include foreiSn loans, foreign investments, and other investments by both residents and non-residents. /See "Trade Trc nsacti ons" ) The following Appendices/Annexes/Form to the FX Manual have been revised/added: A. Revased - 1. Appendix 1: Minimum Documentary Requirements for the Sale of Foreign Exchange by Authorized Agent Banks {AABS)/AAB-Forex Corps {Attachment 1} 2. Appendix 4: Guidelines Covering the Sale of Foreign Exchange by AAE5 and AAB-forex corps for Trade Transactions (Attachment 2) 3. Appendix 6: Guidelines for Reporting, Payments and Extensions of lmportations Under D/A or O/A Arrangements {Attachment 3) 4. Appendix 6.1: Guidelines for Reporting of lmportations under D/A-O/A Arrangements (Attachment 4) 5. Appendix 7: Guidelines for the 5ale of Foreign Exchange (FX) to lmporters by AAB5 and AAB-forex corps for Advance Payment of lmports (Attachment 5) 6. Appendix 18: Guidelines and Minimum Documentary Requirements for Foreign Exchange Forward and Swap Transactions (Attachment 6) 7. Appendix 20: Processing Fees on Foreign Exchange Transactions Payable to the Bangko Sentral ng Pilipinas (Attachment 7) 8. Annex A: Application To Purchase Foreign Exchange (Attachment 8) 9. Annex D.2: Application Form for Approval or Registration of Foreign Loans of Private Sector Entities (Attachment 9) 10. Annex D.3: Foreign Borrowings Plan (Attachment 10) 11. Annex H: Report on Foreign Guarantees lssued by Local Banks and Financial Institutions in Favor of Non-Residents (Attachment 11)

12. Annex V: Monthly Report on Foreign Exchange Sales by Authorized Agent Banks for Investments Enumerated under Section 44 {Attachment 12) 8. Added - 13. Consolidated Report on Foreign Currency Loans Granted by Regular Banking Units (Attachment 13) Effectivity. fhis Circula r shalltake effect on 15 September 2016. FOR THE MON ARY BOARD: AMAN M. TETAN co, JR. overnor l3 September 2016

APPENDIX 1 Page 1of 10 (AsdarfiedbyCt.ularL€tterNo.Ct20100O9dated5Fetuary2010,andamendedbyCn.ularNo693dated os Novedber 2010 ci(ular No.742 dated 21November 2011, crcu a.No 79! d.ted 13Apri 2013 CircuarNo.slsdaredr3October20ll,cr.uarNo.Slsdated06November20l3,Cn.ularNosT4dared3April20ls,and C rcu ar No. 92s dated 13 Seprenber 2016) MlnimumDocum€ntaryRequirementslfortheSal€of ForeignExchanterby Authorired A8ent Banks {M8s)/M8-For€x Corps For Resid€nt to Rcsident Foreitn Erchante Transactione under Chapt€r ll of Part One ofth€ Manual, .€qulrlng settlement in tor€ltn currency Docum€nts R€quired (ALL ORIGINALS EXCEPT AS INDICAT€DF r ObhEations/payables to res denrs Copy of the contract/agreement or equivalent docum€nt evidencing the obligation/payable to resident, including 2. Resident investments in insruments thosecoveringtransactions between residents;and {including time deposit with at least Eiliing statement/invoice/proof of amount due or any 90-day maturity but excluding other equlvalent document showing amount requned/due. bank deposits such as savings and demand)thatare: a. lssued by othef resid€nts; or b. held fo. sa e/trad ng by banks operating in the Philippines, resardless of issuer. 3. Transactions reiated to trading of foreign currency denominated investm€nt instrum€nts (e.9., funding of cash collatefal accounts, settlement 4. Foreisn currency loans from banks a. Promissory Note {PN) c€rtified as true copy by the Head operatinS in the Philippines that are of the lending bank's toans Department or equivalent not publicly Euaranteed (both regular smortizations/payments and Prepavmentt fa lins under Section b. Certification ffom the lendins bankon: a) All purchases of foreiSn exchange mun be accompanied by duly accomplish€d Application To Purchase ForeiSn Exchanse (Annex A). b) Originaldocuments shallbe presented; in cases whereonlycopies of documents are.€quked, such copies shall be submitted to theforeign exchange selling institution. c) lt is understood ihat when a bank cenification regardinE its clienfs deposit account is req!ired, the ownerofthe account should have executed a notarized walv€rof secfecv ofits deloslt. Allfore gn €xchange p!rchases shalleithef bei a) remitted directly to the intended beneficiaryt acrount (including payment/treasury centerr/hubs ofagroupofcompanies)on the date of purchase; or b) credited to the FCOU account of the resident purchaser/resident bo.rower/Buirantor {ar may be applicable, with the same or another AAB) for eventual remittance bythe depository AAB to the intended beneficiary for the declared pu.pose: Provide4 that if the depository bank s different from th€ foreitn exchange selling inrttutionr (l) the foregn etchange s€lling institution shal direct y transfer the foreign exchange sold to the depository bank of the purchaseri and (ii)ihe depository banksha lalso bethefor€ign exchange remittin8 AAB. Foreign exchange plrchased for travel and medkal expenses abroad not yet incured, and sales proceeds of emi8rant's domestic assets where the emigrant is still in the country may be held i'r cas , or directly remitted to the intend€d non-resident beneficiary or credited to the resident purchase/s FCDU account in accordancewith items (a)or (b)above. For foreign exchange purchases inte.ded for remittance to payment/treasury centers/hubs, residents shallpresentto the FX selling AAB and/or AAB{orex corps an agreement or simi ar document, certified as true copy by the c ientt authorzed offker, showing that payments intended for the ultimare resident beneficiar es sho!ld be madetothe specific paymeit/treas!rV centers/hubs.

APPENDIX 1 (As c aritied by ctcu ar Letrer No cL-2010.009 dared 5 F€btuary 2010, a^d amended by C rcu ar No 693dated 05 Novenber 2010, ci.curar No 742dared 94dared 13Apn r013 Circ!larNo.3l5dated l3October?013,CncubrNo 313dated06 November 2013, C .curar No 374dated 3Apri 2015,and Cncula, No 9?5 d.ted 13 September ?0161 22.5 (toans of non-bank financ a1 . The principal amount sti loutstandin& and institutions with quas -banking i. The date when the loan account was reponed tothe flnctions) and Section 24 (Loans Not approp.iate BSP d€partment/office under the Requiring Prlor BSP Approval): prescribed form. (This may be dispensed with for new loans which may not have been r€ported yet to 8SP as of date of Appication To Pufchase Foreign fxchange. How€ver, subs€qu€nt foreign exchante sal€s for such accounts should comply with this Copy of b lling slatement from creditor. Amounts that may be purchased shall be limited to amoLnt5/rates Ind(ated in the bant ce.tfication or PN,whlcheverh low€r. 5. Foreign cLrrrency loans of public sector a. BSPapproval or LetteFa!thority; entiti€s from banks operating in the Philippines falinS under Section 23 b. Certification from the lending bank on the amount {Loans Req!i ng Prior BSP Approval} Copyof billing statement from creditor. Amounts that may be purchased shall be limited tol (a) amounte/rates indicated in the 85P approvalor lefter authority, or (b) th€ outstanding balance of the loan indicated in the bank ce.tification, which€verir lower. lt. For Resident to Non'Resident Non-Trade lransaclions A. Sal€of tor€lgn Erchantetor ilon-trade CurrentA.count Purposes' Payable to Non-Residents under s€dion 2 ot th€ Manual Oocuments Required (aLL ORTGTNALS TXCEPT A5 TNOTCATEO) 1. Appllcant's passport and ticket 2. Educat onal expenseYstudent Photocopy of proof of enrolment with, or billing natement 3. Correspond€ncenudies Photocopy of proof of enrolment with, or billint natement ! a) rhese include foreign exchante purchases for downpaymenrs and progress billings for non-trade services render€d/to be r€ndered by nonjesidenls. b) For forei8n exchange purchases erceedinB the thfesholds indicated under Sectlon 2 of the N,lanual for rem ttance to payment/fteas!ry centers/hubs, retidents shal pre!€nt tothe FX selling AAB and/or AABJorex corps an agreem€nt or s m lar document, certified as vue copy by the clientt authorized officer, showinSthat payments intended for the ultimate non{€sident ben€ficiaries sho!ld be made to the sp€cific payment/veasury centers/hubs Fo. settlement of services to payment/treasury cente6/hubs unde. nettinE airanEements, a cenified ftle copy each of the netting statement and netring agreement sha I also be presented. The docum€nt shall be retained by the foreiSn exchanSe selling lnstitution forfut!retransactions under the same agreement.

APPENOIX 1 lAs dar fed by Ctrcular Lener No Cl2010 009 d.ted 5 February 2010i and amended by C rcu ar No 693 daied 0sNovefrber2010c(uarNo.742dated21Novembe.2011,CirruhrNo794daied18Afil2013 Cir.uarNo315daredl3October20lS,CncuarNoSlSdared06Novenber20ll,CrcuarNo.3T4dated3Apfi 2015,and C rcular No. 925 dared 13SeDtember 20161 4. Medicalexpens€s Pholocopy of billin8 statement (for seruices render€d/ erpenses inc!red abroad) or certification issued by doctor/hospital abroad indicatinS cost estimate {for the treatment/5ervice to be administered/rendered) 5. EmigrantJ assets (nc ud ng lnheritance, legacies, and income from i Emigrant s v sa or proof of residence ab road; ii. Notarked Oeed of Sa e of assets in the Philippines (e.9., real estate, vehicles, machineries/equipment, iii. Proof of income receiled fiom properties in the b. In th€ absence of the emigrant, a notarized Sp€cial Power of Attorney (SPA) for emigrants representative/ agent. lf sPA was exe€uted abroad, ofiSinal of SPA authenticated by Philippine consulate abroad. 6. salary/bonus/dividend/other benefits a. Employment contract/Certification of employer showing of foreign nationals (including peso amount of compensation paid to the foreign national during the validity ofthe contract, stating whether same had been paid in foreign exchange or in pesos, if in foreign exchange, proof that the forei€n exchanSe was previouslyso d for pesos to AABsj b. ACR lcard and OOLE Alien Employment Permit of the c. Applicant's notarired certification that the foreign exchange remitted is net of local expenses incurred and/or previous transfers abroad; and d. lf amountto be remitted comes from sourc€s otherthan sa aries/compensat on, information r€BardinS the sources suppofted by appropriat€ documents should be 7. Foreign nationak'income taxes dueto a. ACR'ICard and DOLE A ien Employment Permit, and foreign governmenc b Pl^otocopv of i.core tar reru.n covenng the ilcome tax payment souSht to be remitted. 8. Sales proce€ds offoreign nationals' b. Photocopy of proof of sale of asset/s indicating curency ot payment. 9. Produce6' share n movie revenue/Tv a. 5tatement ofremittable share rentalor rental; and b. Photocopy of contract/agreem ent. 10. Expon commissions dueto foreign a. 8il in8 statement from non.resroent .gent, and b. Photocopy of ront €ct/agreement. 11. Freight charges on exports/impofts a. B llingnatementj and b. Photocopy of cont ractlatreement. 72. Charters and l€ases of vessels/aircrafts a. g lling statement from non resident l€sso./owner of vessel/aircraft;and b. Photocopyofconkact/agreem€nt. Leases ofeq,,lp.e,'t a"d othe. cap'tal a. eirtng staten'€nr f'or non rerdenr ressor lnOlo, soods owned andlor leased by owner otthe equipment and other capitalSoodsj non{esident entities to residents b. Photocopy of contrad/agreementj and

APPENDIX 1 Page 4ot 10 (Asclaified byCtcular Lener No Cl2010 009 daled 5 February 2010, andamended by C rcular No 6q3 dated os November z0r0, cn ub. No.742dated 21Ndember2011, cn.ubrNo 794 dai.d 13Ap.12011 cr.ubr No 31S dared 13o.tober2013, c (urarNo 313 dared 06 November201l, cn.ularNo.374 dared 3Aei|2015, and Crcular No 925 dar€d 13 Seorember 2016t c. Shipping documents- 14. Port dltbursements abroad for aircraft a. Billing statem ent, and and vessels of Philippine registryor b. Photo€opyof contract/agreem€nt. chartered by dom estic operators and 15. satellite and ot her Telecom m un ication a. Billing statement; and b. Photocopy of contract/agreem ent 16. Oth€r setuic€s provided by a. Billing stat€ment; and nonjesldents Guch as advertising, b. Photocopyof contract/agreement. underwriting including brokers' f€es forlnitial publicofferinBinvolving For underwritinefees/commissions/relatedexoenses: Philippine shares, consuhancy, intormation technology, etc.) Copy of the international underw tinS agreement or simiar a8reement/contract which shows the fees/ comrnissions and related expenses and offer price; Detailed computatlon of the amount 5ubject for .emitiance cedified by the authorzed officer ot the Proof of lstlngofthe IPO shares in the PSE For Foreisn Eroker's Commission Certified trLre copy of the cov€ring purchase invoice or sales rvorce. as _he case may be, rerl€(rilt tt'e commissionduethefor€ign broker/dealerclient;and b. Oetailed computation/allocation of the commission due the foreiSn broke/deal€r cient for each purchase 17. Share in H€ad Office Expenses a. BSROforth€ assigned capitalin the branchj ( nc udlng reimbursements) b. Audited schedule/s of allocation of expenses for the period/s covered; c. Certificatlon from the Head Office that the share in Head Ofiice expenses femaint !npaid and outstanding; d. Audited financial stat€ ments ofthe Philippine branch. 18. Insurance/r€insuranc€ premiumdueto Billinss/invoices of insurance companies/ brokers abroad fore gn insuran€€ companies 19. Claims atainst dom€stic insurance BillinSs/invoices f iom foreign insurer/ reinsurer companies by brokers abroad 20. Net Peso revenues offoreign a, statem€nt of N€t Peso Revenues (P€9o revenues less ain ines/sh ipping co mpan ies exp€nses) ce.tified by authorDed officer of airine/ sh ipplnE companyj and b Photocopyofcontr.ctlagreem€nt. 21. Royalty / copyright /franchise/ a. Statement/computation of the royalty/copyright/ patent/ licensing fe€s franchise/patent/licensing fee; and b. Photocopy of conkact/agreem ent. 22. Net Peso Revenues of Statement of net peso revenu€s (Peso fevenues less embassier/consulates of foreign €xpense, cenified by rhe Embasy s/consulate s a!thorized

APPENDIX 1 Page 5 oi 10 (As &.fied by C.cu ar Lptte. No. C1.2010.009 datad 5 Feb.uary 2010, and amended by Cncula.No 593 dated ot November 20lo, cnrurar No.742 dared 2t Novemb€.2011, cnrularNo 794 dated laApr 12011 Cn.ularNo315dared13odober2o1l,Cn.ularNo.313dated06Nov€mber201l,Ct(ula.No374dat€d3Aprl2olt,and c.curar No 92t dared 13 seDrefrber 2016) 21. Foreign exchange obligations of Philippine credit card companies to internatlonal credit card compan es/ion{esident merchants 24. Foreign exchange obligations/payables Proof of forei8n €xchange o bl gations/payables indicatlng, of residents to non-resident inv€stors among oth€rs, amount to be paid by resident issueB relative to foreiSn exchange denominated equity recurities issued by the former (not paltakin8 th€ nature of a foreitn loan under the Manual) 25. Refund of unus€d foregn grant by/aid a. Copy of the contract/agreement covering the foreiEn from non{esiden$ funded by inward remittance of ioreiEn exchange that b. Request from grantor for th€ reflnd of th€ unused was conlerted to Pesos through AABS amount of trant/aid; and c. Sankcertificationon: i. Inward remittance of the foreign grant/aid and its conveGion to Philippine pesosj and i. Eaance of the PHP account fiom which th€ Phiippine pesoto beconv€rted shallbe debited 26. Refund of unused forei8n loan a. Copy ofthe contract/aBreement covefing the fore gn proceeds that wer€ funded by inward remittanc€ of foreiSn exchange that b. Request from creditor forth€ refund ofthe unused was conve.ted to Pesos throuSh AABS foreign loan proceedsj and c. Bank cenification on inward remittance ofthe foreiSn exchange loan proceeds and conversion to Philippine 27. Settlement by Phiippin€ O€posit Certification by PDIC on the amount ofdeposit iabilities to Insurance Corporation (PDIC) of FCDU be pald to non resldent depositors B. SaleofFor€itn E)(chant€ for Servicing For€l$/Foreign Curr€ncy Loans includi.t Pr€paym€nts bythe Private sector cover€d bv Sections 22 to 31otth€ Manual Oocuments Required (ALL ORIGINALS EXCEPI A5 INDICATED) 1. Medium/Lons term (MLT)foreisn loans (wth origina maturt es ofover a. Re8ular amonization/payment 1.a. BsP registration letter and accompanying Schedule RA 2 (Part l: Schedule of Paym€nts on 85P Registered Foreign Loans and Part ll Details of FxlHedging Transactions for BSP Registered Foreign Loans); and 1.b. Copy of billing statement from creditor. For the settlement by PDIC of FCDU deposit claims, supponinS documents must be presented reSa.dless ofamounr.

APPENDIX 1 Page 5oi 10 lAs darl ed by cn.ular Lerer No. Cr 2010-009 dared s retuary 2010, a.d amended by cn.ular No.593 dated 05 November 2010, cncu ar No.742 dated 21Novehber 2011, cir(ularNo 794dated 13April2013 cir.ularNoSltdaredl3o.rob€r2013,c(uarNo.3r3dated05November2013,crcuafNo374dared3Afir2015,and c rcular No, 925 dated 1l Seprember 2o16) amounts that may be purchased sha I be maturing amounts on scheduled due dates in the registration letter. 85P lette.ar.rthority for the borrower to purchase forelgn exchan8e to service specific loan account/s and where applicable, the "Schedule of Foregn Exchange Purchases from the BankinE Synem"; and 2.b. Copy of billing statement from creditor. Amounts that may b€ purchas€d shall be limited to the unutilized balance of the lett€r authority. b. Prepaymenc of B5P registered B5P .egistration letter and accompanving Schedule foreitn loans of the private sector RA 2 (Pdri l: Schedule of Pdyments on that ar€ not publicly-guaranteed asP-Registered Foreign Loans and Part ll Detaik of FXlHedginB Transactions for 8SP-Registered ForeiEn 1.b Original BSP letter acknow edging feceipt of the bo(ower's notice of prepayment. shortlerm (sTlforeisn loans (with BSP approval or registration letter showint oan oriSinal m aturity of up to 1yea4 terms and bo(ow€r's receiving copy of its report on sho.t term loans a5 submitted to BSP'S lnternational a. Loans from offshore creditors Operations Department (lOD), and (banks and non-banks) Copy of billing statement f rom creditor. Amounts that may be purchas€d sha I be limited to: {a) amounts/rates ind cated in the 85P approval or registration letter; or (b) the outstanding ba ance of the oan ifdicated in the report, whi.h€veris low€r. For loans reqrning BSP approval/registration: 8SP approval or registration letter rhowing loan Ce(rf'calion 1om th€ lend,ng baik on the.no-nr Copy of billngstatement from c.editor. Amounts that mav be purchas€d sha I be limited tol {a) amounts/rates indicated in the 85P approval or registration lett€r; or (b)the outslanding balance of the loan indicat€d in the bank certification, whichever h lower. Purchase and .emittance of foreisn exchanse shal coincide with the due dates of the obligations to be seruiced, unless otherwise explicitly allowed bythe BSP.

APPENOIX 1 Page 7 oi 10 lAs c adI ed bv c rcuLar Letter No CL.2o1o-oo9 daled 5 Februarv2010, and amended bv ctrcuhr No 693 dated 05Novembs2O1O,CncurarNo742daled21Novembef2011,CrcoarNo794dated13Apn2013 c(urarNo.3rsdaied13o(ober2013,crularNo.313dated06November2013,circularNo 374daled3Apll2015 and Cn.u ar No. 92S dated 13 Sedehber 2015) For loans not requ ring BsP approval/individual reSlstrationT 2.a. Promissory Note (PN) certified as true copy by the Head ofthe ending bankt Loans Department: Z.b. Certification from th€ lending bank: i. On the principal amount still outstandinS; ii. Ihat the loan is eligibLe fo. seruicing with toreign exchanEe to be purchas€d from the AABS/AA8' forex corps in linewith eirting regulationsj iii. Ihat the loan was ur€d to finance trade transaciions of th€ borowerj and iv. On the date when the loan .ccount was reported ro the appropiate 8SP depanment/offic€ under the prescribed formt. (Ihis may be dispensed wnh for new loant which may not have bee. reponed yet to BsP as of date of application to p!rchase foreirn etchanre.) 2.c. Copy ofbilling statement from creditor. amounts that may b€ purchased shall be limited to amounts/rates indicated in the bank cedification or PN, whl.hever is low€f. Prepayment of ESPregister€d ST For loans requiring 8SP approval/individual reginrations, loans (includinS those love.ed by the BsP retistration letter Section 24.5 of the Manual) that are not publicly-Euaranteed For loans not requiring BSP approvauindividual PN certified at true copy by the Head of the Lending bank's Loans Oepartment, and Cenification from rhe lending bank: i. On the principal amount stjll outstandingj ii. That the loan is ellgible for servicing with foreign exchanSe to be purchas€d from th€ MBr/aAB-forex corps in line with existlng i,. Thar rrre loa. was -sed to tinance kade transactions of th€ borower and/or pre-erport peso costs, and iv. On the date when the loan account was .eported to the approprate 85P department/ off ce -.der tle pr€scnoeo 'o'r.. if 3. Payments r€lated to foreitn loans of Copy of the loan contrad/agr€ement or eqlivalent non-bank financlal institutions with document ev denc ng the foreign ob igations/payables quasi banking f!nctions that are not to non-resident creditors; and 7 Individua reglstration means a 8SP retistratlon docum€nt is required. € Refe6 to cases wh€fe fepoftingto BsP is considered as 85P r€6istration otthe loan,

APPENDIX 1 Page 8ot 10 {A5clariled by cr.urar LenerNo ct 2010 009 dared 5 February 2010, and amended by cn.ularNo.693dated 05 November 2010, Ctrcular No 74?dated?lNovember2o1l,cn.ubrNo 794 ftted 1a April 2013 cn.uarNo.3lsdared13odober201l,ci.ularNo.313dar.d06Novembef2013,ct.ularNo374dar.d3Afil201t,and C rcular No 92tdared 1l seot€hber 2016) b. Copyofbilling statem€nt fiom non resident creditor. 4. Payments related to Guarante€s and Simllar anangements (inc ud ng Risk Take Over arangements) a. Payments by resident Suarantor a. For guarantees requlring 8SP approval under undertheSuarantee S€dions 30.1 and 30.3: {i) BSP approvalofthe guarantee or ofthe guaranteed foreign obligation; and {ii) creditor's ca lon theguarantee. b For guarantees not requking 85P approval and regist.ation under Section 30.2(a): (i) copy ofthe requircd report stamped as rec€ived by the BsP; and (i ) creditor'scallonthesuarantee. b. Pavments by the oriSinal resident a. 85P approvalofthe resulting foreign obligationj and obligor to the foreign guarantor b. Silling statementfiom the foreign guarantor. arising from the call on the c. For foreign exchange liabilities a. 85P approval of the resultingforeign obliCatioi, arising from guarantees and similar arranEements [including Risk Iake i. Agreements/contracts covered by the over Arransements (RTo)l that do guarantee/similar arrangementj not involve foreign/FCDU loans ii. Standby Letter of Credit {SLC) or guarantee contract/agreement f or the tuarantee; c. Proof/notice of original obliEor's default and.reditor's call on the Suarant€e, and d. Billing statement from the non resident or localbank d. Regu ar fees related to Buid a. BSP Registralon Do.ument; operate lransfer (BoT) and similar b Copyorthe coven.g aBreeme.ts/contracts and financing schemes with transf€r c. Silling statement from the private se€tor project company/proponent. C. Sale ofFo.eitn Exchante for seruicint ofFo.eltn Investments, Invertments byR€sidents, and Related Transactions cover€d bvsectlons 32 to tl4 of the Fx Manual Documenb Required (ALL ORIGINALS TXCEPT AS INDICATEOP 1. Capita Repatriation lorl a. Portfolio Investments in: All origin al documents shallbe stamped "Fx-SOLD", indicatinBth€ date and amount offoreign exchanse sold, and whetheron spot orfo|ward basit and slgn€d by th€ sell€r's authoriz€d si8natory.

APPENDIX 1 PaBe 9 of 10 (Ar c anfed bycncularLerer No cr.2010-009 dared 5 Feb.uary 2010, and amended by cn.ular No.693 dared 05November2010CncubrNo.742dated21November2O1l,CncuarNo794dated13Apl12013 Cncula.NoBrS&tedtSOctober20t3,C(ula.No.3t3dated06November201l,CrcuarNo.374dated3Aori 201t,and c(urar No.92s dated llseotember 20161 i. PSE listed s€curities issued by 85RO or B5RD Letter Advice from the r€gistering custodian both r€sidents and non' bank and any ofthe fo lowingl a. Photocopyofthe origln I brokef's lnvoic€; or a b. E ectronically Benerated copyofthe broker's invoice; or c. Systems'generated copy ofthe broke/s invoice. Documents under items a to ! shall €ontain the settlement amount, number of shares, investment identity, and sett em€nt date for the transactlons covered. ii. Peso'Gove.nment Securities BSRO or BSRD Letter-Advice from th€ reBistering custodian bank and photocopy of Conflrmation of Purchase for Peso Gov€rnment Securitles iii.90dayumedeposic 85RD or ESRO Letter'Advice irom the registering custodian bank and photocopy of Matured Cenificate of Deposits for iv. Other peso-denom inated debt BSRO and photocopy of matur€d security, or proof of sale, securties Gsled onshore by or equivalenl document covering th€ debt secu.ities private resident firms b. ForerSn Duect Eq!ity Inv€srmenrs 85RD, b. Photocopy of Proof of Sale or re€vant documents showing the amount to be repatriated; in cas€ of dissolution/capital r€duction, proof of disnibution of funds/assets such as statem€nt of net assets in Photocopy of Clearanc€ from appropriate depa(ment of the BSP-Superuision and Examination Sector (for banks), or from the Insurance conrmission (for lns!rance companies), from the Oepadment of Energy or from the National Power Coporation (for oil gaslgeothermal energy exploration companietj d. Oetailed computation of the amount applied for in the attached format (Annsi N) prepared by the selling stockholde/s representativej Photocopy oi pertinent audited financiaL statements, SEC clearance in case ofdissolution, ifapplicable. 2. Remlttance of Divid€nds/ Proflc/ a. BSRDof BSRD L€tter-Advce; Earnings/lnterests b. Photocopy of P5Ecash dividends notice and Phl. Central Depository (PCD) printout of cash dividend payment or computation ot interest €arned isrued by MMr issuer or bank; c. Photocopy ofsecretaryt swon statement on the Board Resolution covedng the dividend declaration, d. Photocopy of atest audited financial statements or interm flnancial statements ot th€ investee firm covering the dividend declaration period (for dir€ct foreign equlty investments); rd For securities issued by non residents, these r€fer only to equity securities, whether pr'marily listed at, oruplifted from internaiionalexchan8es to, the PSE.

APPENDIX 1 lAs darl ed by Ctcular kner No. C12010.009 dated 5 February 2010, and amended by Cn.ular No.593dared 05 November 2010, Crcular No 742 dared 2r Novembef 2011, C rco arNo 794dared 13 April2013 cncurarNo.315dared13o.tober2013,c(ularNo 313dated06November2013,cniubrNo 374dared3Ap.r2015,and Cn.u ar No 925dated 1l S€pr€mber 2016) €. For direct foreign equity investments, photocopy of clea.ance pertaining to the investee fkm fiom BSP Supervislon and Examination Sector {for non-PSE listed bank\) Ins-ra"ce Corm ssion (for r\u'dnc€ companiet, D€partrnent of Energyor from the National Power Corporation (for oil/gas/geothermal energy exploration comPanies); and f. Oetailed computation of the amount applied for using the prescribed format {Annex N). 3. Outward remittance in equivalent Certified truecopy of c€rtificate of inward remittanc€ of foreEn exchanse of: (a) excess pesos foreiBn exchang€ and conversion to pesos; funded with inward remittance ol Origina BSRO showin8 ltilization not less than foreign erch ange co mp!ted as follows: 50 percent oftotalpeso proce€ds, net ofcharees, if any. Peso proc€eds of foreiSn erchan8e In caseof investments registered bycustodian banks, an inwafdly remitted less the peso original bank cenification indicatin8 detaik of the amount actually used for 8SP- re8 nered i-vestnent ray substirure ro. rhe BsFD, fegistered investment/s, plus Swift messaB€/lettef request from non resident (b) interest earned on th€ excess investor for return ofexcess funds;and For remittance of interest earned from the peso cash account, certification from the deporitory/custodian bank on the amount of interest penaining to the excess peso funds for outwa rd remittance. 4. Oltward investrnents by Philippiie A certification by the resident lnvestor on the resid€nc under Secton 44.2 0f the cumulativ€ forelgn exchange purchas€s f.om AABS and MBJorex co.ps within the calendar year for atl investments !nder Section 44 of the Manual; Oebt and equity sec!rities issued Original 85P letter-aporoval for the purchdse ol lore,tn offshore by nonjesidents, exchange trom AABS and AAB-for€x corps for al including depos tary fec€ipts investments under section 44 of th€ Manual, in excess Ofhhore foreign cu(ency ofthe USD50 milion limit, denorninated M!tual aunds and Photocopy ofclearance from the hsuranc€ Commb5 on Unit Investment Trust Funds (lC)for investments of insurance companies; {UlTFs) Photocopy of swift payment order instruction from the Foreign cu(ency'denominated counterparty/broker/trader indicating the name of nt€rcompany loans to offshore pay€e and type/kind of investment authenticated by parent companies/ subs diaries of the broker/trader (for instruments pufchased offshore); residents with an original tenor of or Proof of purchase of the debt securities by the resident client, namelyr copy of the deal ticket, bank's Investm€nts in real property confirmation of sale, client's lener of instflctions abrcad, including condominium indicating intent to purchase the gecurities and other detaik ofthe transaction; and Foreign currency-denominated Photocopy of any of the folo!!ing as app!icabtel investrnent instruments issued {i) investment proposal or agreement/subscription onshore by noni€sidents agreement/oe€d of sale or Assenment of the Invertments/bond or stock offerinS/signed loan agreement or equivalent 5i8n€d docum€nt, with an ori8inal teno. of at least one (1) yearlcontract to Se I covering a sale of realproperty abroadjor photocopyof investor's order/letter to brokef/trader/ba'rk to purchase instrum€nts Guch as investments in debt and equity securities, as well as d€positary receipts, Mltual

APPENDIX 4 Page 1of 5 {Asamended bycncubr No.874 dated 8 April2015,.nd CncubrNo.925dated 13 september2016) Guidelines Covering th€ Sale of Foreign Exchange by AABS and AAB-Forex Corps for lmport Transactions A. FoJ sale of foreign exchange not exceeding uSD500,000 (lor individuals) and USD1,000,000 (f or corporates/other entities) 1. All foreign exchange purchases by residents for settlement of import obligations are subject to submission to the foreign exchange selling institutions of a duly accomplished Application To Purchase Foreign Exchange (Annex A of the Manual). 2. Such foreign exchange purchases shall either be: a. remitted directly to the intended non-resident beneficiary's account (including payment/treasury centers/hubs of a Broup of companies) on the date of Durchase: or b. credited to the resident importer's FCDU account (with the same or another AAB) for eventual remittance by the depository AAB to the intenoeo non-resident beneficiary (including payment/treasury centers/hubs of a group of companies) for settlement of import obligation: P/ovlded, that if the depository bank is different from the foreign exchange selling institution: (i) the foreign exchante selling institution shall directly transfer the foreign exchange purchases to the depository bank of the purchaser; and (ii) the depository bank shall also be the foreign exchange remitting AAB. 3. In case of direct remittance of foreign exchange purchases under ltem 2.a above covering importations under Direct Remittance (D/R) and Open Account (O/A) Arrangement, AABS/OBU5 or AAB-forex corps may sell foreign exchange to importer-client provided the imports are duly reported pursuant to Appendix 6. g. For sale of foreign exchang€ exceeding USD500,00O (for individuals) and USD1,0OO,0O0 {f or corporates/other entities) The guidelines under ltems 1 and 2 of Part A above shall also apply together with the followinq: l. lmportations under Letter of Credit (L/C), Documents against Payment {D/P) and Documents a8ainst Acceptance (D/A): a. All import L/Cs to be opened shall include under the t/C terms and conditions, among others, the clause: "t/C number shall be indicated on all copies of shipping documents"

APPENDIX 4 Page 2 of5 {Asamended bV Circular No.874 dated 8 April2015, and Circular No 925 dated 13 5eptenber 2015) All original shipping documents [Bill of Ladin8 (Bt) or Airway Bill (AWB) and Invoicel shall be stamped by the issuing/booking/reporting AAB/OBU with the AAB'S/OBU'5 name and mode of importation (i.e. L/C, D/P, or D/A), whether foreign exchange has been sold or not. MB'S/OBU'S authorized officers shall accomplish a certification that original documents were presented and duly stamped. This certification shall be maintained by the stamping AAB/OBU to8ether with the photocopied shipping documents and be made available for B5P verification. In case the intended beneficjary is a payment/treasury center/hub of a group of companies (whether onshore or offshore), the importer-client shall also present to the issuing/booking/reporting AAB/OBU for stamping, an agreement or similar document, certified as true copy by the client's author:zed officer, showing that payments intended for non-resident beneficjaries should be made to the specific payment/treasury center/hub. A copy of the document shall be retained by the issuing/booking/reporting AAB/OBU for future transactions under the Same agreement. AAgs/OBUs, other than the issuing/booking"/reportin8 AAB/OBU, as well as AAB-forex corps, may sell foreign exchange to importer clients: P/ovided,that: 1. The sale is supported by the following documents: 1.1 Copy/photocopy of the original shipping documents and covering agreement/similar document for cases where the beneficiary is a payment/treasury center/hub, duly stamped as in ltem l.b above; 7.2. Certification from the issuing/booking/reporting AAB/OBU signed by the AAB's/OBU's authorized signatory (addressed to individual foreign exchange selling AABS or OBUS or AAB-forex corps) indicating the following: j. Amount of the outstanding foreiSn exchange trade obligations; ii. Amount of FX intended to be purchasedj and iii. Bank Reference Number (BRN) for D/A. 2. The foreign exchange selling AAB/OBtJ or AAB-forex corp shall either: a. remit directly the proceeds of foreign exchange sale to the issuing/booking/reporting AAB/OBU, indicating in the remittance instructions pertinent information such as the L/C No., BSP Registration No., BL No., Invoice No., etc.; or

APPENDIX 4 {Asamended byci.cular No. a74 dared 8 April2015, and c"-,", ., **, * **iff;1;j; "" b. credit to the resident importer's FCDU account (with the same or another AAB) for eventual remittance by the depository AAB to the intended non-resident beneficiary {including payment/treasury centers/hubs of a group of companies) for settlement of import obligation: Provlded, that if the depository bank is different from the foreign exchange selling institution: (i) the forejgn exchange selling institution shall directly transfer the foreign exchange purchases to the depository bank of the purchaser; and (ii)the depository bank shall also be the foreign €xchange remitting AA8. 3. The bookinE/issuing/reporting AAB/OBU shall, upon receipt of foreign exchange, stamp "FX SOLD" on the original shipping documents at hand and indicate thereon the amount of foreign exchange and name of the foreign exchange selling AAB(s) or OBU(s) or AAB-forex corp(s). The stamped information shall be duly signed by the booking/issuing/reporting AAB's/OBu's authorized signato.y. ll. lmportations under Direct Remittance (DR) or Open Account (O/A) Arrangement a. For importations under O/A, the importer-client shall present to his reporting AA8/OBU original copies of the shipping documents, including one original BL or one of the original/carbon copies of AWBS, for stamping of bank's name, BRN and O/A as mode of importation. The authori2ed officer ofthe AAB/OBU shall affix his si8nature on the duly stamped original shipping documents certifying that original documents have been presented and that no foreign exchange has been sold. Fo. importations under DR, the importer-client shall d;rectly present to the selling AAB or AA8-forex corp the same original shipping documents for stamping of "FX SOLD" upon purchase offoreign exchange. In case the intended beneficiary is a payment/treasury center/hub of a group of companies (whether onshore or offshore), the importer-client shall also present to the reporting/selling AAB/OBU an agreement or similar document, certified as true copy by the client's authorized officer, showing that payments intended for non-resident beneficiaries should be made to the specific payment/treasury center/hub. The document shall be retained by the FX selling institution for futuae transactions under the same agreement. b. AABS/OBUS or AAB-forex corps may sell foreign exchange for duly reported O/A imports to importer-client subject to the following conditions: 1. In case the selling/remitting AAB/OBU is also the reporting AAB/OBU, the importer-client shall present the original shipping documents and covering

APPENDIX 4 Page 4 of5 {As amended byCncular No.874 dated 8April2015, and Circular No.925 dated 13 Septembe.20t6) agreement/similar document for cases where the beneficiary is a payment/treasury center/hub, duly stamped as in ltem ll.a above. 2. In case the selling,/remitting AA8/OBU is not the reporting AAB/OBUI 2.1. The importer-client shall present the duly stamped original shipping documents and covering agreement/similar document for cases where the beneficiary is a payment/treasury center/hub as in ltem ll.a above; and 2.2. The selling/remitting AAB/OBU shall stamp "FX SOID" and signed by the selling/remitting AAB'S/OBU'S authorized signatory on the duly stamped original shipping documents and covering agreement/similar document for cases where the beneficiary is a payment/treasury center/hub, indicating thereon the amount of foreign exchange sold. 3. In case the selling forei8n exchange AAB/OBU or AA8-forex corp (for direct remittance to the intended non-resident beneficiary) is not the remitting AAB/OBU: 3.1. The importer-client shall present the duly stamped original shipping documents and covering agreement/similar document for cases where the beneficiary is a payment/treasury center/hub as in ltem ll.a above; 3.2. The selling AA8/OBU or AA8-forex corp shall stamp "FX SOLD" signed by the selling AAB's/OBU's or AA8-forex corp's authorized signatory on the duly stamped original shipping documents and covering agreement/similar document for cases where the beneficiary is a payment/treasury center/hub, indjcating thereon the amount of foreign exchange soldi 3.3. The selling AAB/OBU or AAB-forex corp shall transmit the duly stamped "FX SOLD" oriBinal shipping documents and covering agreement/similar document for cases, where the beneficiary is a payment/treasury center/hub, indicating thereon the amount of foreign exchange sold to the importer-client and simultaneously transfer the foreign exchange proceeds to the remitting AAB/OBU for immediate remittance to the foreign suppljer; and 3.4. The remitting AAB/OBU shall report such payment under Schedule 11 of FX Form 1.

APPENqrx.4 PaSe ) or 5 (asamended byc rcular No.874 dated 8 april2015, and Clrcula. No.92s dated 13 Septembe.2016) 4. ln case of an importation under O/A arrangement where the foreign exchange selling,/remitting AAB is not the reporting institution for the availment, the FX selling/remitting institution shall require, prior to sale of foreign exchange, the submission by the importer of the following: 4.1. Documents required under ltem ll.a; and 4.2. Duly signed certification from the reporting AAB/OBU on the .emaining unpaid balance of the importation, and that the importation has been duly reported to the BSP, indicating the pertinent BRN. For this purpose, the importer shall present to the reporting AAB/OBU pertinent documents to evidence the outstanding balance of the oblisation. c. In all cases, the selling AAB/OBU or AAB-forex corp shall not sell foreign exchange to an importer-client beyond the maturity of the O/A importation without being duly extended by the foreign supplier {as evidenced by an extension letter from the forei8n supplier submitted to the selling bank) which extension should have been reported under Schedule 10 of FX Form 1. AABS/OBU5 or AAB-forex corps may sell foreign exchan8e for servicing of O/A importations whose maturities were extended beyond 360 days from date of Bt/AWB. d. lf the FX remitting AAB is not the reporting AA8, the former shall give to the latter a written advice on said remittance within two (2) banking days after remittance date. lll. Photocopjes of the original shipping documents (released to client) shall be marked "ORIGINAL DOCUMENT PRESENTED AS REQUIRED" and duly signed by the AAB's/OBUs authorized signatory. These should be retained in the AA8's/OBU's file for BSP examination purposes.

APPENDIX 6 Pa8€ 1 ot 3 (As amended by C rc! ar Lertef No. Ct 2009{71 dated I November 2CO9, cncubrNo 874dated8Apri 201t,andc'rcuarNo.925dared13seprember2016) Guidelines for Reponing, Payments and Extensions of Matuity of lmportations Under D/A or o/A Arrangementsl 1. Reportinq. Authorized Agent Banks (AABs) and offshore banking units (OBUs) shall report all importations under D/A or O/A arrangements as availments under Schedule 10 lmport tetters of Credits (L/Cs) Opened and D/A-O/A lmport Avaalments and Extensions) of FX Form 1 (Consolidated Report on Foreign Exchange Assets and liabilities)l upon receipt of the documents specified in 2.a herein and payments on said importations under Schedule 11 (lmport Payments) of FX Form 1. Frequency and schedule of submission of said Schedules to BSP with the corresponding fines and penalties for late or erroneous submission shall be in accordance with Sections 101 and 103, respectively, of the Manual. Any extension of the maturity date thereof shall likewise be reported under said Schedule 10. 2. Mechanics of Reporting. a. For importations not exceeding US0500,000 (for individuals) and USD1,000,000 (for corporates/other entities)- importers shall provide an AAB/OBU pertinent information and/or documents (e.9., copies of commercial invoice and 8L/AWB) necessary to allow reporting by the AAB/OBU of the transaction under Schedule 10). For importations exceeding USD500,000 (for individuals) and USD1,000,000 (for corporates/other entities) - importers shall submit to an AAB/OB| copies of: {i) the pertinent commercial invoice, (ii) 8L/AWB, and (iii) if applicable, import permit on the basis of which the AAB shall report to the BSP the same as DA/OA availment under said Schedule 10. b. such reporting of availments shall be made not later than ten (10) calendar days before the maturity date of the said D/A,O/A importation. lf reported later than the applicable period {i.e., less than 10 calendar days before maturity), the importer shall be required to pay to the BSP the peso equivalent of 1/100 of one (1) percent of the unpaid balance of the importation but not less than USD50.00 or more than USD1,000.00 c. Within five (5) banking days after the end of the reference week, the hard copy of the followang shall be submifted to the BsP-lnternational Operations Department (lOD)l i. Schedule 10 of FX Form 1 for DA/OA lmports; and ii. Schedule 11 for partial payment of D/A-O/A imports, identifying the payments with an asterisk (*) and indicating the amount in original currencv and usD eouivalent in a footnote. Thes€ guidein€s sha lappy to all importat ons under Docum€nts Against Acceptance (D/A) or Open Account (o/A) arransemert.

APPENDIX 6 lAs ameided by C rcu ar Letter No .r roor.o.,, **d, *":""f;":;:r: C rcu ar No 874 dared 8Apri 2015, and circular No.925 dated r3 September 2016) AABS/OBUs shall keep the documents supporting the importations and make these available upon request bythe BSP. d. Each D/A-O/A importation shall be assigned a unique Bank Reference Number (BRN) by the reporting M8/OBU which shall include the bank code. The D/A-O/A import transactions shall be considered reported only if the same has been assigned a BRN by the reporting AAB/OBU and duly reported bv the same AAB/OBU under said Schedule 10. Such BRN should also be used bv the remitting AAB/OBU in reporting payment for the importation. e. The AAS/OBU reporting the D/A-O/A availment shall verify with/obtain from the BSP-IOD the code of a new importer for purposes of reporting under FX Form 1 and its Schedules. f. AABS, OBU5 or AAB-forex corps shall not service the foreign exchange requirements upon maturity of any O/AO/A importation not duly reported under said Schedule 10 as orescribed herein. g. Extensions of maturity date shall be reported by AABS under Schedule 10; h. AABS, OgUs or MB-forex corps selling foreign exchange for duly reported O/A imports shall stamp "FX soLD" on the following: i. copy of the Application to Purchase Foreign Exchange lfor importations not exceeding USD500,000 (for individuals) and USD1,000,000 (for corporates/other entities)l; or ii. original shipping/supportinB documents lfor importations exceeding USD500,000 (for individuals) and USD1,000,000 (for €orporates/other entities)l and indicate thereon the amount of foreign exchange sold and name of the foreign exchange selling institution. The stamped information shall be duly siSned by the foreign exchange selling institution's authorized signatory. Thereafter, the importer shall present the stamped applicable documents to the remitting AAB/OBU and the transactions shall be reported by the remitting AAB/OBU under Schedule 11 of FX Form 1 i. Documentary requirements for the purchase of foreign exchange from AABS, OBUs or AAB-forex corps to pay D/A-O/A imports exceeding USD500,000 (for individuals) and USD1,000,000 (for corporates/other entities) shall apply. j. lf the currency of the obligation is not USD, the USD equivalent to be reported lnder Schedule 10 shall be computed at the exchange rate quoted in the daily BSP Reference Exchange Rate Bulletin issued by the BSP Treasury Deoartment on transactaon date:

APPENDIX 5 Page 3 or 3 (As am€nded by c rcular Len€r No. c12m9 071dated 9 November2009, cncularNo 374 daled 8aori 2015, and c rcu arNo 925 dated 13 September 2016) k. The penalty provisions under Section 106 of the Manual shall apply to AAE5 that sellforeign exchange for servicing D/A-O/A importations that were not previously reported to the BSP under the prescribed forms or were reported less than ten {10} calendar days before due date without payment of required BSP processing fee. 3. Pavments. Payments using foreign exchange sourced from AAB5, OBUS or AA8-forex corps shall be effected only for D/A-O/A imports reported by an MB/oBU under said Schedule 10 of FX Form 1. Payments prior to maturity date may be allowed without BSP approval, provided the payments are for duly reported D/A-O/A imports Payments for D/A O/A importations reported later than the required period as provided in ltem 2(b) shall not use foreign exchange purchased from AABS, oBUs or AAB-forex corps unless BsP official receipt is presented that the prescribed processing fee has been paid to the BSP. 4. Extensions. Payments after the original maturitY date for duly reported DA/OA imports may be allowed without prior BSP approval, regardless of frequency of extension, provided that the extensions and subsequently, the payments are duly reported under the applicable schedules of FX Form 1.

APPENDIX 5.1 1A5 amended by c.cu ar Lertef No ..-r*.orr 0","0 n ^":""i;.lr$; cir.ular No.374 dated sapri 20r5, and c{cular No 929 dar€d 13 Sept.mber 2016) Guidelines for Reporting of Foreign Exchange Obligations and Sale and Remittance of Foreign Exchante under Inteacompany NettingArrantementsr 1. 8gp94j!C. Authorized Agent ganks (AABS) shall report alltransactions under Intercompany Netting Arrangements (imports and exports of goods and services related thereto) using Annex z.']Frequency and schedule of submission of said report to BSP with the corresponding fines and penalties for late or erroneous submission shall be in accordance with Sections 101and 103, respectively ofthe Manual. The foreign exchange selling AAB shall also be the remitting and reporting bank. 2. Sale of Foreiqn Exchanee a. All foreign exchange purchases by residents for settlement of foreign exchange obligations under Intercompany Netting Arrangements are subject to submission to the foreign exchange selling institutions of a duly accomplished Application To Purchase Foreign Exchange {Annex A ofthe Manual). b. such foreign exchange purchases shall either be: remitted directly to the intended non-resident beneficiary's account {including payment/treasury centers/hubs of a group of companies) on the date of purchase; or credited to the resident purchaser's FCDU account (with the same or another AAB) for eventual remittance by the same AAg to the intended non'resident beneficiary (including payment/treasury centers/hubs of a group of companies) for settlement of import obligation: Proyded, that if the depository bank is different from the foreign exchange selling institution: (i) the foreign exchange selling institution shall directly transfer the foreign exchange purchases to the depository bank of the purchaser; and (ii) the depository bank shallalso be the foreign exchange remittine AAB. c. The foreign exchange selling AAB shall require the following from the importer'client prior to sale of foreign exchange: i. A notarized statement of: Ihese guidelines shall apply for al foreign exchang€ obligations under Intercompany Nett ng Transactions report€d under Intercompany Netting Arrangement usinC the prescribed forms rhall no lonser be repo.ted in scheduLes 6,10 and ll ofthe FX Form 1.

APPElrOrX 6.1 Page I or i lAs ahended by c (u ar Lerter No cL 2009{71 dared 9 Novenber 2009, crcuarNo.3T4daiedSApi 2015.andcncularNo.925daled13september2016) a. intercompany receivables and payables3 certified true and correct by the net importer's authorized officer indicating: 1. the settlement period/due date; and 2. the net amount payable, for which foreign exchange shall be purchasedj and b. undertaking by the net importer: 1. to mak€ available the supporting documents upon request by the BSP, through the reporting AAB; 2, that there will be no double purchase of foreign exchange for the transactions covered by the 5tatement; and 3. transactions covered by the intercompany netting arrangement do not include payments related to foreign loansa and investments ii. Copy of the pertinent intercompany netting agreement between non-bank related parties, certified as true copy by the importer-client's authorized officer. The document shall be retained by the foreign exchange selling institution for future transactions under the same agreement. d. The FX selling AAB shall stamp the following on the documents under item 2.a: i. AAB'S name; ii. a unique Bank Reference Number (BRN) assigned by the AAB which shall include the bank code. Such BRN should be used by the MB in reporting the transactionj iii. intercompany netting as mode of payment for the importation (to be stamped on the submitted Statement of Receivables and Payables); and iv. "FX SO[D" indicating thereon the amount of foreign exchange sold and date offoreign exchange sale. The authorized officer of the AAB shall affix his signature on the duly stamped documents and indicate the date thereon. I Prescribed format forthe Statement of R€celvables and Payables is in Annex 2.1. r Foreign loans are those owed bV Philippne.esldents to non'residents,.egardless of cu(ency denomination, includlng intefcompany loans as wellas advances from non r€sident parent/s!bsidiary

APPENOIX 6.1 lA5 amended bvckcurar lettef No c. roor.on drr"d, "":.'f;ir$; cncurar No.874dated 3Arril2015, a^d crcular No 925 dated 13 seorefrber 2016l e. The documentary requirements for the purchase of foreign exchange from AABS to pay obligations trnder intercompany netting arrangements shall be strictlv complied with. f. Foreign exchange that may be sold for settlement of net payables under intercompany netting arrangements shall not exceed USS50 million per transaction per client per day. Amounts in excess of the limit must be coordinated by the foreign exchange selling bank with the BSP-Treasury Department pnor to forei8n exchange sale. g. lf the original currency of payment is not USD, the USD equivalent to be reported under Annex Z shall be based on the actual rate for the sale of foreign exchange. 3. Remittance. Foreign exchange purchased may be directly remitted to the netting counterparty/treasury center/hub on the date of purchase- Payments prior to due date may be made without 85P approval, provided the documents under item 2.a are presented upon sale of foreign exchange. For this purpose, foreign exchange purchases may be deposited in the importer client's FCDU account (with the same or another AAB) for eventual remittance by the depository AAB to the intended non- resident beneficiary: Provided, that if the depository bank is different from the foreign exchange selling institution: (i) the foreign exchange sellint institution shall directly transfer the foreign exchange purchases to the depository bank of the purchaser; and {ii) the depository bank shall also be the foreign exchange remitting AAB. The AAB shall report the payment under Annex Z. 4. Extensions. Payments after the original due date for intercompany netting obligations may be allowed without prior BSP approval, regardless of frequency of extension in maturity.

APPENDIX 7 Page I of 3 lAsanendedbyCi'cuarNo 693dated5November2010,CrcuarNo 742d.ted21November201t, d' d Cr.ndr'{o q2r drtpd l1S.pr.nb".20l6) Guidelines for the Sale of Foreign Exchange to lmporters by AABS and AAB-Forex Corps forAdvance Payment of lmports Sale of foreign exchange for advance payment of imports may be done without prior BSP approval subject to the following guidelines: 1. All foreign exchan8e purchases by residents for settlement of import obligations are subject to submission to the foreign exchange selling institutions of a duly accomplished Application To Purchase Foreign Exchange (Annex A of the Manual). 2. Such foreign exchange purchases shall either be: a. remitted directly to the intended non-resident beneficiary's account (including payment/treasury centers/hubs of a group of companies) on the date of ourchase: or b. credited to the resident importer's FCDU account (with the same or another AAB) for eventual remattance bv the same AAB to the intended non-resident beneficiary (including payment/treasury centers/hubs of a group of companies) for settlement of import obligation: Provlde4 that if the depository bank is different from the foreign exchange selling institution: (i) the foreign exchange selling institution shall directly transfer the foreign exchange purchases to the depository bank of the purchaser; and {ii) the depository bank shall also be the foreign exchange rematting AAB. 3. For the sale of foreign exchange exceeding USD500,000 (for individuals) and USD1,000,000 (for corporates/other entities) for advance payment of imports: a. AABS or MB-forex corps shall require presentation of the original/submission of copies of the following documents prior to the sale of foreign exchange for advance payment of importsl purchase order (PO); sales contract (SC) or proforma invoice (Pl) signed by the resident importer and foreign supplier requiring payment of the importation in advance and indicating the intended delivery period of the imported goods; and notarized Letter of Undertaking (LOU) to the effect that if the importation is cancelled, the importer shall inwardly remit the foreign exchange refunded by the foreign supplier and sell same for

APPENqTx.Z faee 2 ot 3 {AsamendedbvcircuafNo693d#,.ji"T'1'llj:ij;i311; pesos to the foreign exchange selling/remitting AAB on the same date. b. The importer shall present to the foreign exchange selling/remitting AAB the original shipping documents Iimport invoice and billof lading (B/L) or air waybill (AWB)I where the date and amount of foreign exchange sold/remitted shall be stamped and duly signed by the AA8's authorized signatory, and the Bureau of Customs lmport Release Documents, within three (3) banking days after receipt thereof. 4. For foreign exchange purchased and directly remitted to the intended non-resident beneficiary in accordance with item 2(a) above: lf the seller of foreign exchange is an AAB, the foreign exchange sale and remittance shall be transacted on the same date and shall involve only one AAB. The foreign exchange remittance shall be made directly to the foreign supplier and serviced at the exchange rate prevailing at the time of remittance, subject to the applicable tax provisions of the National Internal Revenue Code, as amended. lf the selling entity is an AAB-forex corp, the foreign exchange proceeds shall be remitted to the foreign supplier through the parent AAB. The remitting AAg shall see to it that sales of foreign exchange by its AAB-forex corp subject for remittance are made in accordance with existins rules. Submission by the foreign exchange selling and remitting MB to the 8SP-lOD of the following reports: a. Monthly Report on Sale/Remittance of FX for Advance Payment of lmportations (Annex B) - within the first five (5) bankint days of the month succeeding the date of FX sale/remittance; and b. Monthly Report on Plrchase of FX from Refund of Advance Payment of lmportations (Annex C) - within the first fave (5) banking days of the month succeeding the receipt ofthe refund. 6. The foreign exchanBe selling/remitting AAB shall report to the 8SP under FX Form 1 (Consolidated Report on Foreign Exchange Assets and l-iabilities) the followins transactions: a, The remittance of foreign exchange by the AAB for advance pavment of imports as "lmport Advances/Down Payments" (Code No.040) under Schedule 4 (FX Disposition for Loans); b. The purchase of foreign exchange by the AAB from the importer arising from a refund of advance payment on cancelled imports as "Refund of lmport Advances/Down Payments" (Code No.040) under Schedule 3 (FX Acquisition from [oans); and

APPENOIX 7 {Asamended byc,cua,No 6ssdareds November2clo,c,coarN" r' '"rr",".. ""i:ffi$'i a^d cn.ular No 92sdated 13 teptember 2016) c. ln case of importataons 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 Schedtrles: 1) Schedule 10 lmport Letters of Credit (L/Cs) Opened and DA-OA lmport Availments and Extensionsl for L/C {upon opening) and for DA OA (upon availment); and 2) Schedule 11(lmport Payments) upon payment. 7. The foregoing rules on advance payments shall apply to importations under all modes of payment.

APPENDIX 18 PaSe 1of 5 {As amended bycircularNo 794dared 18april2013, ctcular No. 818 dated 06 November2013, CncularNo 874dated8April2015,andCircularNo.925dated 13septehbe.2016) Guidelines and Minimum Doaumentary Requirements fol Foreitn Erchange FoJward and Swap Tranractions The following are the guidelines and minimum documentary requirements for foreign exchange (FX)forward and swap transactions: 1. Unless otherwise indicated, original documents shall be presented on or before dealdate to banks. 2. The documentation shall apply only to FX transactions with amounts (per underlying transactions) exceeding USD50O,000 {for individuals) and USD1,000,000 (for corporates/other entities). For trade transactions pertaining to net payables under the inteacompany netting arrangement, foreign loans and foreign investments, and resident to resident transactions, documents shall be presented regardless of amounts involved. A. FORWARD SAIE OF FOREIGN EXCHANGE TO COVER fX OBLIGATIONS - OEI,IVERABI.E AND NON.DEI.IVERABIE 1. FORWARD SALE OF FOREIGN EXCHANGE - TRADE 1.1 Trade Transactions 1.1.1 Under Letters of Credit (tC) a. Copy of LC opened; and b. Accepted draft or Copy of Commercial invoice/Billof Lading 1.1.2 Under Documents against Acceptances (DA)/Open Account (OA) Arrangements a. Certification of reporting bank on details of the DA/OA transaction under Schedule 10 (lmport Letters of Credits Opened and D/A O/A lmport Availments and Extensions) of FX Form 1 (Consolidated Report on Foreign Exchange Assets and Liabilities); b. Copy ofcommercial invoice. 1.1.3 For intercompany netting: a. Statement of intercompanV receivables and payables certified as true and correct by the customer'sl authorized officer; and For settlement under intercompany nertin8 a(angements wherein the net amount payab e is akead, final/determined on or befor€ deal date, th€ final statement of tntercompanv r€ceivables and payables shall be presented totheforeisn exchange selling institution which shattrerain same.

APPENDIX 18 PaSe 2 ot 5 {A5 amended byCircuhr No.794 dared 18April2013, cncularNo.8l8dated06Novemb€r 2013, cncular No. 874 dated 8 april2015,.nd cifcular No.925 dated 13 september 2016l b. copy of the pertinent intercompany nettang arrangement between related parties certified as true copy by the importer's authorized officer. In addition to the above requirements, the bank shall require the customer to submit a Letter of Undertaking that: i. Before or at maturity date of the forward contract, it (the importer) shall comply with the documentation requirements on sale of foreign exchange for trade transactions under Appendices 4 and 61 of the Manual; and ii. No double hedging has been obtained by the customer for the covered transactions. 1.1.4 DirectRemittance OriSinal shipping documents indicated in item ll.a of Appendix 4 ofthe Manual, asamended. 2. NON.TRADE TRANSACTIONS Only non-trade transactions with specific due dates shall be eligible for forward contracts, and shall be subiect to the same documentation requirements under Appendix 1 of the Manual, with the following additional guidelines for foreignforeign currency loans and investments. 2.1 Foreign Loans (owed to non-residents)- 2.1.1 DeliverableForwards The maturing portion of the outstanding eligible obliSation, i.e., those that are allowed to be serviced using FX to be purchased from AABs/AAB-forex corps may be covered by a deliverable forward subject to the documentary requirements under Appendix 1 of the Manual. A copy of the creditor's billing statement may be submitted on or before the maturitydate ofthe contract. 2.1.2 NDFs The outstanding eligible obligation, i.e, those that are allowed to be serviced using FX to be purchased from AABs/AAB-forex corps may be covered by a NDF, subject to the documentary requirements under Appendix 1 of the Manual, except for the creditor's billing statement which need not be submitted.

APPENDIX 18 pag€ 3 of5 (Asaffended bycircular No.794dated 18 April 2013, circular No.818dated06 November2013, cncularNo.874 dated 8 Apr 12015, and circular No.925 dated 13 september 2016) The amount of the forward contract shall not exceed the outstanding amount of the underlying obligation during the term of the conrracr. 2.2 lnward lnvestments - Deliverable The unremitted amount of sales/maturity proceeds due for repatriation to non-resident investo15 pertaining to BsP-registered investments in the following instruments: a, securities listed at the Philippine Stock Exchange (PSE) issued by both residents and non-residents; b. peso-denominated securities issued onshore by the National Government and other public sector entities; c, peso time deposits with an AAB with minimum tenor of 90 days; and d. other peso-denominated debt instruments assued onshore by private residentfirms and not covered by Section 23 ofthe Manual may be covered by foreign exchanBe forward contracts subject to the presentation of the original Bangko Sentral Registration Documents (BSRD) on or before deal date. However, for ltem 2.2.a above, original ESRD or BSRD Letter-Advice, together with the baoker's sales invoice, shall be presented on or before matlrity date of the foreign exchange forward contract, which date coincides with the intended date of remittance. Sales proceeds of BSP-registered investments in shares of stock that are not listed in the PSE may be covered by a deliverable foreign exchange forward contract only if determined to be outstanding as of deal date for the contract and payable on a specific futu.e date as indicated in the Contract To Sell/Deed of Absolute Sale and subject to the same documentary requirements under ltem C of Appendix 1 of the Manual, 3. RESIDENT TO RESIDENT TRANSACTIONS Only resident to resident foreign exchange transactions with specific due dates shall be eligible to be covered by forward contracts, and shall be subject to the same documentary requirements under Appendix 1 of the Manual. For foreign currency loans from banks operating in the Philippines, requirements under item 2.1 above shall also apply.

APPENDIX 18 (Asam€nded byCncular No 794dated 18 April2013, Circular No.8l8dated 06 November 2013, cncul.rNo.874 dared 8 April201s, and circular No.92sdar€d 13 september2016) FORWARD SALE OF FOREIGN EXCHANGE TO COVER EXPOSURES- OEI.IVERABLE AND NON.DEIIVERABLE 1. TRADE (DELIVERABLE AND NON,DELIVERABLE) 1.1 Under LC a. Copy of LC opened; and b. Proforma Invoice, or Sales Contract / Purchase Order 1.2 Under DA/OA, Documents Against Payment (DP) or Direct Remittance (DR) Any of the following where delivery o. shipment shall be made not later than one (1) year from deal date: a. Sales Contract b. Confirmed Plrrchase Order c. Accepted Proforma Invoice d. Shipment/lmport Advice ofthe Supplier In addition to the above requirements, the bank shall require the customer to submit a Letter of lJndertaking that: At maturity of the forward contract, it shall comply with the documentation requirements on the sale of torei8n exchange for trade transactions under Appendix 4 of the Manualj and No double hedging has been obtained by the customer for the covered transactions. 2, NON.TRADE I NO N.DELIVE RAB LE ) The outstandinB balance of gSP-registered foreign investments without specific repatriation date, appearing in the covering BSRD may only be covered by an NDF contract, based on its market/book value on deal date, subject to presentation ofthe covering BSRD and the proofthat the investment still exists (e.9., original stock certificate, or certification for the lodgment of shares with the Philippine Depository and Trust Corporation or broker's buy invoice, or confirmation of sale, or original certificate of investment in other peso-denominated debt instruments, or certificate of peso time deposits as may be applicable). Hedging of permanently assigned capital of Philippine branches of foreign banks/firms is not allowed. C, FORWARD PURCHASE OF FOREIGN EXCHANGE Such foreign exchange forward contracts shall be subject to the bank's "Know Your Customer" policv and existing regulations on anti'money laundering. ln addition, counterparties must be limited to those that are manifestly eligible to

APPENDIX 18 Page 5 ot 5 (asamended bv Ctcu ar No.794dated 18 april2013, Cncular No.818 dated 06 Nolember 2013, circularNo 874 dated 8April2015, and crcularNo.925 dared 13 september2015) engage in foreign exchange forwards as part of the normal course of their operations, and which satasfy the bank's 5uitability and eligibility rules for such transactions. D. FOREIGN EXCHANGE SWAPS I. FOREIGN EXCHANGE SALE (first leg)/FoRWARD FOREIGN EXCHANGE PURCHASE (second leg)- The same minimum documentary requirements for sale of foreign exchange under Aooendix 1 of the Manual for non-trade transactions and resident to resident foreign exchange transactions, and Appendix 4 of the Manual for trade transactions, shall be presented on or before dealdate. 2. FOREIGN EXCHANGE PURCHASE (fnst |e7)/FORWARD FOREIGN EXCHANGE SALE (second leg) - The first leg of the swap will be subject to the bank's "Know Your customer" policy and existing regulations on anti-money laundering. The second leg of the swap will be subject to the swap contract between the counterparties. However, for swaps covering foreign/foreign currency loans and inward investments, and transactions between residents, the minimum documentary requirements for sale of foreign exchange under Appendix 1 of the Manlial shall also be presented to the bank counterparty prior to delivery of foreign exchange by the bank to its client at any time under the forward leg of the swap. swap contracts of this type intended to fund peso loans to be extended by non- residents in favor of residents shall require prior BSP approval. For borrowings not subject to prior 8SP approval/registration, the AAB counterparty for the swap contract shall report to the BSP, through the International Operations Department, details of the swap and the loans to be funded showing, among others, the borrowers' names, amounts of the loans. For this purpose, the swap contract covering foreign loans and inward investments2 must include a statement that: "There shall be no delivery of foreign exchange at any time under the swap contract unless the foreign-loans/inward investments are duly registered with the BSP." The rules under ltem D hereof shall also apply to cross currency swapsr. I Fo. this purpose, foreign loans and inward investments refer only to those requirinB prior BSP approvaland/or reSistration, as may be applicable. I Cross curency swap is defined as an aranS€ment in which two parties exchan8e a series of cash flows in one (1) cu(ency for a series of cash flows in another cu(ency, at specified exchange and/or interest rates and at agreed interuals ov€ran atr€ed period.

APPENDIX 20 Page 1of 1 (A5amendedbvcircularNo.T42dared2lNovember20ll,circularNoT94dat€d18April2013, .nd cncular No. 925 dared 13 Seoremb€r 20161 Processing Fees on Foreign Exchange Transactions Payable to the Bangko sent.al nt Pilipinas (BSP) Tvo€ ofTransaction Oth€r details BSP Approval of Foreign ^f rhe Payments shall be made The fees shall be paid loan/guarantee amount through the participating through the participating applied for, with a minimum authori?ed agent banks (aaBs) AABS in the peso of USS400 and maximum of under Foreign Loan Approval equivalent using BSP U55100,000. Applications and Registration System reference rate one (l) requested to be treated on a (FLAReS). banking day preceding the rush basis shall be charged date of order of payment twice th€ foregoinR rate generated thro!gh FLAReS BSP Registration'of 0-02 percent of the loan Foreign Loan9 amount applied lol registration, with a minimum of USS400 and maximum of uss100,000 BSP Approval/ReSistration An additional fee equivalent Payments shall be made of Fofeign Loans not to ten (10) percent of the through the participating AABS included in the Foreign applicable pfocessinS fee. UndeT FLAReS, Review and clearance by Regular pfocessing fee Payments shall be made to the PHP20,000.00 BSP Cash Departfient in Committee for Review of Manager's Check or Cashier's Foreign Loan Documents of Applications requested to be Check payable to the BSP foreign loan documents/ treated on a rush basis shall accompanied by a Payment agreemeats of Government be charged twice the Orderfrom the BSP lOD. Owned and Controlled foregoing rate- Replacement ol Lost PHP4,000.00 fo. every Payments shall be made to the gangko Sentral Registration replacement requested for BSP'Cash Department in Lett€rs for foreign loans lost BSP reSistration letters Manager's Check or Cashier's for loans and/or their Check payable to the BSP accompanYins schedules: accompanied bY a Payment Schedule RA-2 (Part l: Order from the ESP]OD. Schedule of Payments on BSP Registered Foreign/FCDU Loans and Part ll Oetails of FXlHedging Transactions for gSPRegistered Foreign/FCDU Purchase of Bangko Sentral PHP50.00/set of rhe 85RD Payments shall b€ made to the Registration Document form printed by the BSP to be BSP Cash Department in cash (BSRD) for foreign portfolio used in the reSastrataon of or Manager's check or foreign portfolio investments Cashier's Check payable to the re8isterinB custodian banks BSP or through debit of the bank's regular demand deposit with the 85P. Replacement of lost BsRD PHP2,000 shall be charged to Payments shall be made to the Release of the for foreign investments applicants for the BSP Cash Department in cash replacement BSRD shall be reghtered by the BSP replacement ofa lost ESRD or Manager's check or made only upon receipt by Cashier's Check payable to the the BSP of the payment gSP, or through debit of the ffom the foreign investors bank's regular demand deposit or their duly authorized with the gsP. representative. Pertains only to loanswhich do not require 8SP approvalprior to regislraiion. Private sector loans that are submitted lo the gSP for approval or registmtion that were not included under a foreign borrowings plan submitted to SSP as required in Section 22 ofthe FX Manual

ANNEX A (45 amended by ctrcular No.693 dated 0s November 2010,ck.ularNo 794 dared laApril2013, and cncular No.925 dated 13 sepi€mber 2016) APPI.ICATION TO PURCHASE FOREIGN EXCHANGE' Reterence No. TO: lName ol AA3/AABJof er corp) (Addrest l/We herebyapplyto oLrchasc fo.F,tl prch.nCF w,tLl the follow,.s detd ls: Ie1. No./Far No./Ema il Add ress: Tar identification No. 555/G5lS/Vote/s lD No./D ver/s Lic€nse No. (For individualtj please underline the appropriate lD u5ed) Residenc\ (pleose check opp,opriote box) AMOUNII,, word5j APPLIED FOR (lndicate fo.eign PURPOSET (p ease check appropriate box) O Trade (payment tor importatioo, O Foreis.foreisr cureicy oansr O Inward Foreign Investments by Non-Residentst O Owed to Noniesldents O RepatriationofCapital O Owed to Offshore Banking Units O Remittanceof Profits/Dividends/Earnings O Owed to residents (FCDUS/EFCDUt O Remittance in forelgn exchange equiva e.tof peso O Prepayment funds {funded byforeisn exchanse rem ttance)in O Regular Payment excess oflnvestments made in the Philipp nes DebtAccount No.: tr Outward l.vesiments by Resdents: O Direct Investment (EquityCapital) O nterest O Debt Sec!rities O Fees O Equiry s.curn,es I O othe's O Mutual Funds (Mk)/Lnrt Invenmenl IrJst FLnds (UlIFs)l O SetuKes Ollte,companylodrt)lElothe3(Ptcoscspc.iful q Purchase of real properry broad, incl!ding a tr Non-merchandise lnsurance condomrnrum units O P.emium5 q Foreign cuiiency-denominated investment inrruhents O Clains/payables is5ued onshore by non residents O Passenger Tickets O Resident to residenttransactions: q Obligations payabeto residents tr Resident investments in inst.umentt {lnc udinS time O Professional/Ma.agemeni Fees deposts wth at least 90-day maturty bot excluding tr Royaltes other bank deposits such as savings and demand): B lncome P:ymene tr lss!ed byother residents O Transfers (e.9., grants, donauond O Conve6ion tofore gn exchange of pesodeposit O Held forsale/tradins bV banks operatinE in the accounts ot noniesidents Phrlippines, re8ardles5 of i5suer FOREIGN EXCHANGE DISPOSITIONI tr FOR DIRECT REMITTANCE O FOR CREDITTO FCDU ACCOUNT D Full Amount: O Partia Amount: O Full O Partial BENEFICIARY: (E{ceptfortr.vel purpose, medi..l€xpenses not y€l incu(ed and sl.s pfoce€ds oi€migGnl,i domestic arset5 ilemiSrant i5 ttillih the country) no forclgn exchange ha5 been purchased enher on spot or de iverables rotuad bae5 and/or no sw6p been entered into covering the same undeny ng t.an5action and that the foregoinS information are S gnature Over Prinred Name i To beaccomprGhed foreach purposelowhich Fx shall be purchased lromAABS/AAB torex corps I FoTASP{e3neredloans/inve(ments ) toans orr€sident5 to ofishore parent compahier/iubsidianes of rerdents with an oricinallenor ofat least one (1)year , Such as Communic.tion, Manulacruring , Maintenan.e and Repaks, Poslal and Courier, Compute. and Inlo.fiaron, Rera..h Developmenl, Advertsing, Markel Resea.ch,Iechnra, a.d Orher Bu5ine$ seNices ' Othef thanihoserelatedtoloansand investmentj

ANNEX D.2 lA5 amended byctcu ar No. z2dated 2l Novemb€r 2011, C rcu arNo 794dated t3Apr 2013, aid c rcular No,925 dated 13 S€ptemb€r 2016) EIANOKO SEA|TRAL bIG PILIPINAst tntetnaton:t uoetauons ueoanmen( PART A. COMPANY PRO'IUS 1. AORROWEn Tax ldent fication Number (TlN) Nam€ ot Authorired Represeniative/s Depa(ment/unit ( f other than the botrower, indicate a so company name) Terephone Numbef/r PROFIIE lAm.r Al aE o cSEoroa/AaiAlGES Name of Author zed Representau!e/s Depaft ment/lrn | (if oth€r rhan ihe borower, ndicate also company name) Te ephone Number/s Re atiofship to sorower (ifanV) ! rarent Company I . stockhoder a Samerormtobeuredror oans rrom FCDUSoJ bank3 oD -o ^ 0) 0ol0l' .( 5on 5'( pd. red . "pre-bq.0ro

Name of Authorired Repr€sentative/s Telephone Number^ Relationship to Bonower (if any) E larentcompany D E stoctt'oue' tr Oth€6 (Specify) Name of Authorhed Repretentative/s Telephone Numbe.A Relationship to Bonower (if any) P.rentcompany !Ll Stockholder - otheu (specifyl IOD Form 02-001-01r veGion 5. Uodat.d 15 seorember2015 Page 2 of 5

IbcutrEnts Raq/,tt€d ,or ALL Applicotbt6 E Copy ofArticles of Partnership/lncorporation includinS amendments, if any ! copy ofgovernment registrations/authorltleslranchise (sEc, 8ol, DTl, NTC, etc.)with attachments n Latest Gen€ral Information Sheet submitted to SEC n Original certification from the Corporate Secretary of Philippine Export lmport Credlt Agency (PhilExlMl also known asTrade and Investment Development corporation ofthe Philippines {TIoCORP) orother entitles on th€ continuing validitv of an approv€d guarantee for the proposed loan, including terms and conditionr of the guarantee and indicating the goa.d R€solution number and dat€, if appllcable - Diagram showing ownership strudure of the bo.rower and relationship. if any, to the creditor, guarantor other parti€s to the financin&/project, thowlnS percentages of ownership and country of rcsidence of each n ban dlsburs€ment and amortizetion schedules {Annex 8.1} n Past thre€ years' audited financial statements (complete with notes) and latest interim statements of th borroweron solo basis (that i9 unconsolidated with other related comDaniesl fl Financial projections (balance she€t, income statement and cash flows) tor the duration of the I sho\f,in8 in separate lines transactions on the proposed loan (disbursements, principaland interest paym including other feet/chargesl and outstanding balance; cash balances after debt servicinS; and assumption (including exchanSe rates) ! Indicative terms, conditions and mechanics of h€dging transactions, ifany n For€ign exchang€ eahings and sources thereof, ifany, for the pastthree (3)years and for the duration ofth n Diagram of cash waterfall(loan proceeds, €quity, revenuesand othercash receiptsl, ifany n Related agreements/contracts such es joint ventu re ag.eement, sha.eholder support agreemen! ifavailable )D Form 02-001-01r Ve6ioi 5 i (Jodated 1s semember2016 Page 3 ofs

Additionol Docum.nts Requhed tor Applhotlont to. Awrovcl For oroiect financins or acouisition of qovernm€nt assets beinF orivatized': n Details of Loan Purpose/Proj€ct (Format c) I Required clearances for the project from concerned Sovernment agencies such as DENR n lf loan willfinance a component/phase ofan eistinB or related project/program, provide status of the other project components/phases n Copy ofsigned Asset Sale and Purchase Agreement and Notice of Bid Award, ifapplicable ! copy ofthe supply contract/s of othef r€lated agreements For acouisition ot non-peforminc assets (NPAsl from banks/qovernment financial institutions*: n copy ofthe signed Asset sale and Purchase Agreement with list of assets to be acquired showinS book n Copy ofthe sagned Deed of Assign men t/Absolute Sale and related agreements ! Cenificate/s of Eligibility issued bythe 8SP forthe assets, if any n Copy ofthe Notice of Bid award For ref inancinq/restru€turina: n List ofoutstanding obligations to be refinanced/restructured including reason/justification for refinancin&/restructuring (e.8., financialsavings, net presentvalue, etc.)(AnnexC.1) ! C€rtification from credito15 on current outstanding balances ofthe loans to be refinanced/restructured orsubstitute documents J. Additional Documents Requited tor Appli.ottons tot ReElstrotlon n Copy ofsigned loan/credit agreement end other related do€uments (guarantee/surety agreement, fee letters, final offering circular, underwriting and paying agency agreement, subscription agreement, promissory noter, etc.) (NOTE: loan agreement must not b€ notarited ) n Summary of Loan Disbursement and Utilization (annex o and related schedules) -" Proofs ofloan disbufsements and utilization lsuch as Certificate of hward Remittance (ClR)of foreiSn exchange using the prescribed form under Appendix 10.1 and conversion to pesos (for payment of local costt, bank debit and credit advices, official receipts and shipping documentsl ! Information Sheet on Loan Applied for BSP Regiskation (for fullY availed loans)-Annex t ' Thesedocumentsarealsoreqliredforapplicationsforregistrationofloanswhicharenotsubiecttop.ior S5P approval under exirting policy. loD forn 02 00t 0l' ve6'on 5 uoddred Itseorember 2016 Page 4 of 5

continuedl I hereby certify that (i) all representations made and documents/intormalionsubmitted herein are true and rrect and (ii) allcopi€s ofdocum€nts submitted {other than o Sinalslare certified true copies ofthe original. Certiiied True and Correct: (Signature of authorized officialover printed name) {Oesignation) IOD form 02 00101'v€r-bn 5 ' uodar€d l9 SeDrember 2016 Page 5 of5

ANI{EXA Soafd of Inv€stments {€ite only re8istra- tion for loan punose/prcject) lf moethan 10, indiotemajorttocrholdeBonlvand a88,egate the ren by nationalitv roD rom0l.00141.v.6ioi 9. uo

ANNEXA rtsrft' !$nl f9r!!9! ,donaliw %i," .: ;..1::.1r..,,_. :.: Fuactlonal Currfty I Ett$frditc! lat6t Unudh.d As of (ddmmyy) _ Oficnt Rolto Current llabllltles lnne-l!fin Deba ao EquN Rodo Balora bon owilneht: Long-term Debt (alllolns: pesoand FX) Stockholders' Equlty Afte. loon owilnent: l-on8-term Oebt{allloans: peso and FX) Stockholders' Equity Offshore sources Banks operating in the Philippines Offshore sources Banks operating in th€ Philippines loD Fom 02{01.01. V€6io.5 ! Upd.r.d t5 S.Dt mb.r 2016 Page 2 of3

ANNEX A - !ho4 $rh ort|ml nrturltv ol !p to t v..r i.on hltlal dkbuB.n.m d.t. tem - ih4 wnh oth.l drortry oa md. rh.n I y€r frm Inlrl.l diltbuu.nnr d.!. hct|l,rns the bac obblned noD $ S.ct.mb.r 2016 onw.r& for whkn no prlor 39 .oormll,cgl5n.do B Equl .d roD tom 02-@1-01, versron 5 | uldered 15s.Dtlnb.r2016 PaSe 3 of 3

ANNEX 4.1 f nont .r0,hdlcbn.lord..fdold.ncnly.nd.aaq.t th.rttrnrtbi.thy rb: hdbtr l{/A l.ot l@ F..r ol.oLl.tltcr 3.lD.H lst ra.r!.266

altfrS,il I mo.! th.|t 10, idi:t ri.jo.stocrnoftE 6t.nd.sr€a.t d.r.rbvndomflty ot : IndLrr. t/a if mt lo0 F..fi 0nol{1. v.E|o. 5 . uc.r.d 15 5.pl.6bf 2016

ANNEX B lo,to|l, nt (otldnal curr.ncy) ol credh taclllty.r otdsror natlon raeaYnent iL..d c.dltor ! Arrrngpr rtlclp.nt to Syndl..tlon (llrhe loan li syndtc.tedl l{ame of Cradftol Countlv ol Resldenae Paftant lihar€ Ahount ' lf us€d for Applic.tion for R.tlstratbn of loans not slbject to prior BSp approvat, indicate sp.cftc s€c ons of the cov€rin8 a8rcernlnt for each loan term/condftion, I Posslble entries: suppll./s dedlt, revolvint crcdtt, bond/note hsue, subodtnated toan, etc. Not€: Indlcate N/A lf not.ppllcable rOD Forn 02{01-01. veEion 5 . UDd.ted ls seotembe. 20!6 Page 1 of 3

ANNEX B Prol.ci/h?poi. (ann.! C): lmDLm.nlfilon P.rlod (m||lytr trom: Av.ll.bllfty P.rlod (mmw): Froml (lndu.lw otttft. p..lodl In yn.nd fn cdon th.r€ol: Gnce Perlod I m.r.n Rf| (ln X p...1 : Easis/D.s.tiption: ed.!: tndicottve no€ (tn %) Oahq conditions (such os copLoll2otion ol int'"rcsa, rcductlon ot step-up ln lnt.nst rcae upon occutence ol aettola eventt, lnt.rest lD.r.llr In Ann.r 8.1l Uin ipol ti6t: Lan: rrequency (annual, s€mi-annual, etc.): f requenq (annual, semlannual, etc,): Oih.. Cor|dltlonr {.ud .. rcll-ov.r, pd md cill optton., conwntor to .qutty, .tc): Fr€qoenca of Payment Rat€ {ln %) or **,!!i"- eerledls. Comoutation ! tr tr ! tr P.emiud ment tr (sp€crry) O hdlet.*n€therannu.lly, *hhnnually,qu.rt .Vor mnthly loo Form 0I{0t.o1i v.uton t r upd.r.d 15 s.denb.. 2Ot6 Page 2 of 3

ANNEX B Pcrtcnt Sh.l! llls fgrllro Loc|l IfiAI nt c/Securtty/Coll.teralTermr, Condltlonsand M€.h€nlcs: Flmncl.l Lorn Tedns.nd Condltlon, {tuch as .ddlttonal costs snd fees, tarauon, nlnlmum finanabl crlh wctarflll, uie of speclel aaaounti)l lO0 Fom 02.{b1{r. vsid s . Upd.r€d 15 S.Crenb.. 2016 Page 3 of3

A[!EX.EJ lnteaest Rate lln x) Spr€ad Bas€ Rete Fned Rate M.trlty lln yea6) Easis foa Comprtation P€rlod (ln ye.rsl {number of days) D|t." (ddm||vy) Dlsbur$mani P.lnclpalRcpayrmm lmanst Paynem Princlpal Balanca TOTAI.S Tobc.ccondkrEdtorcadlor .udtert€r€relrnr.r€dtfi!runt Fo. dlrlu.s.fiEnra rrrd payntcnts C.€ady €fi€ctcd - o{ apClic.Uoo $dl aSP, Indtota lr|Gaction dst€ It||D.! s9.c. b n .d!d, us. a s€paEt€ sh.ct ofD.c€rtollowlr*dp 3.mc to rn t loo Fo.fr O2{01-0f V.Rlon 5 . Uodat d 15 seorenb€r &16

Alll{Ex c lrL O..a$or lC..r. hdc.h .Lo Fq.4 LA! ..td dm.tr.l: |or rcnd.nci||3/.Gstn&tunr|3 of dlsdl{ oUE tton5Indkate deiab u.tng Ann { C.1; ftor nhndti& Indicat€ b€n.ftta.y companyltes)/ rllcndln3 tenns l.|cludln! cunrncy of r!|.ndhs .nd repatrEd) Lo..tlon (For lrol€(i n .nclnd: Pror.d C6t (ln USS 000 md ortln.l dn nct, f.pplk bt.l IEllso Ed,grs: EcohllrE:: Irql orlcun||l.v t SO toulr. Or&.Cln€ocv USo Eoulv. Or!. c!.r!ncv usOEootv. . rh@ ,.fhl. to Pn pptE rlCd6t3 dhr ihrn b.nle .o.ndia h ii. rh||ipfim .. rn@ ,.rtl. ro mnccdcnE r)o Fo.h @oLl. €skr s . t rd.t d 1!i sa.d$- 1016 P.g€ l of 3

A EXC Soun . odfun& (ln USS @ and odCnalcu.rt||.y, lf.ppllc.bh; rpaclly nanrr of |wr5tor^rdltor,lt.v.ll.bl.l Co6rs to be fhenced la€l' EeEI!- Iets! Odr. CurEncr USO Eoulv. Orts. Or.r€ncy USD€dulv. on&flEelg tsDEoutv. Foralgn Investo6 Dcso lorrowlnls D( 8or.Efliryt b-tot.l llt'iolly Gcncmtcd Funds @.o* sFdly, tot l ErchnSa Rata Assumptlons rn . p.Fbl. to PHnpdm rldd.n!3 olrr d$ br*. oFr&jg rri. phinftrc 'h lla qv.U. !o M{GiLr€ loo ao.n lnol{l. \hrlir 5 . ulili.d t5 s.fi.nbf 2016 P.ga 2 of 3

At{ EX C SanaivJunhcatlonr (caomnk, inamhl, aochl, etc.l ior th. poleat/pulpoc. ard tha fnandng adenc chocan: IOO Fo.n @lDl{t. \t r3l'l 5 . Upd.td tli S.rt rnD.r 2016 Page 3 of 3

AI{ITEX C.1 roD fim 02 00!0r I v.Bion 5 . u.da

ANNEX D IOAN DISBURSEMENT ANO UTII.IZATION PART 1. SUMMARY OF LOAN UTIIIZATION lln PaBe 1 of 3

ANNEX D lnvoice/Billine" Offcial Receipt'1' Item DescriDtion No oate Amount (ln PHP) USS Equiv NO Date TOTALS Tnde payable to Philippine r*idents other than bank5ope6tinain the phil Please arange chronologially. ! In lieu of official receipt3, supplier^enefriary s oraginal @rtificarion oi rd more9pace i5 n€eded, use a sepa.ate sheet of papertollowingthesame fo. Page 2 of3

ANNEX D Page 3 of l

ANNEX E lsto tl r...naElLblltyt.nod : i.lAntorbfi cc niri€.| 5t R.r.lln a.ffit a.,l ti€d Flod4 -s& s'|rd am! &E|ar !!-od&l{O!dl l^ddr ..turbn.pdrth.i-ci.d.6r..r6tmd64rt dtodunv_ trd:.ddndd..tr.l hc r6L!|. lo. orrrt! d c.tft.tz.d hcn t, r.nt qE-0cl&@I @r!llr.l$ IE E!l!{ !!e!li:: Lr!3 Ild rotats r.r.,rai.ra.516 IOD Fdm 02{01{1. V.rion 5 . Urd.t d I5 S.!'t rnb.r m$ (ForAppllcatlon3 tor Reglstratlon only)

ANNEX D.3 PaEe l ot 3 (As amended byClrcular No.925 dated 13 September 2015) Deadline oI Submiss ion: on or befo.e end september of each yeaf <Name of Borrower> MEDIUM AND LONG-TERM4 FOREIGN/FOREIGN CURRENCY BORROWINGS PLAN For the period Part l- Loan Particulars PROSPECTIVE CREDITOR INDICATIVE ESTIMATED INDICATIVE PRO]ECTED SCHEDUI.E ORIG. GRACE INTEREST TOAN MATURITY PROJECT/PURPOSE OF TOAN NEGOTIATION NAME TYPE' CURR" PERIOD RATE (MM.YYYY) AMOUNT'" (IN YEARSP/ (rN YraRs) l/. P.A.fl a/Tho5e w th originalmatur ty oI more than one (1)year CERTIFIEO CORRECT: b/ hclusive ofgrace period c/ Fo. foating inierest rate, please indicate interest base and spread ' P ease indicate the letter corespondin8 to the tvpe ofcrediior Name and Signaiure ofauthorired Official A Muhilateral/lntef.ational Financial hstiluiions B' Bilateral Inrt|tutions c Foreign sanksand Other Financial hstitutions D- Bond/Noteho ders E supp iers/Exporters F- Fore 8n ParenVSlbsidiary/Affi liate/Shareholders 11e.9., U50,lPY, PHP, GBP, EUR, CHF, AUD, CNY "'ln frillions wth ihree (3) decimal places updated 1s s€prenber 2o16

ANNEX D.3 (As amended by Circular No.925 dated 13 September 2016) <Name of Borrower> MEDIUM AND TONG-TERM FOREIGN/FOREIGN CURRENCY LOAN REQUIREMENTS For the period Part ll- Estimated Drawdowns (ln OriginalCurrency)* 20 20 20 20 BEYOND PROSPTCTIVT CRTDITOR i TOTAL lsrstM 2ND SEM 1s'sEM 2NO SEM 1s'stM 2ND STM 2NO SEM 20 'ln mil ions with three (3)decimal pla€es CTRTIFITD CORRECT: Name and Si.nature ofAuthorized Official Tel. No.: _ rax No. OD rorm 0r'001-01A've6ion 7' Uodar€d 1t Seoiehber20l!

ANNEX D.3 Page 3 ot 3 (As amended byC rcu ar No.925 dated 13 Septemb€r 2016) <Name of Borrower> MEDIUM AND LONG-TERM FOREIGN/FOREIGN CURRENCY LOAN REQUIREMENTS For the period Part lll -Proiects/Costs to be Financed CQST FOBEIGN COST* LOCALCOST" TOTAL PRO]ECT {IN ORIGINAL (IN ORIGINAL {IN ORIGINAL DETAILSA/ (IN ORIGINAL (IN PIIILIPPINE CURRENCY OF CURRENCYOF CURRENCY OF THE cuRRrNcY) PESOS) THE LOAN) THE LOAN] LOAN) a/ ndicate,where po$ible, cost categories tobe financed 5uchas: CERTIFIED CORRECTI a) rmportation/procurement of capital equipm€nt/machin€ry, technolo8V, etc b)civilworks/co.sructonof pant,building,facilitiet,etc. c) services such as consuha.cylmanagement servkes Name and Signat! re of Authoriz ed Officla d)Refinancingof erning,/maturingobligations(p!easeindicate f peso or roreign curency denomlnatedl e) othe6 (pleasespeciry) 'costspayabletonon residentsandbanksoperatinginrhephilippi.es " costs payableto Philippinere5ident'excludingbank!operarng in th€ Philippines roD form01-00r,01a. v.6roi 7 r uodared 15 seotember2016

A!!EI-E I nesi it5lbanN'4 d45riom REPORT ON FOREIGN GUARAN TE€S SECU RING LOANS OF RESIDENTS FROM LOCAL BANKSAND FINANCIAL INSlITUIIONS Ou'intthp Quarte, Fndrn8_ Name ol tocal geneliciary Bank/F nancial hnitution Iherebyce ily that the intormation indicared here n are cotr€.t and complere Sisnarure over prinred Name orAurho,ized orfi cer

AdlgJ l^rrd ror nve;r$rmrr ffi r D$TArio aoum *@im8t Muru r|ndi ot r.rNn c|m.r fq rdl ' tdB hqb.r6 b' Eld.nE rmru& rn6rfrdt h intumhB {indd,'t dm &r.rh $$ . |dn ecd4 nfrdrv bd *lodri3 dh.' !.ir d.rorn' *h I dnls :nd d.nand': {., isued bY orhd (b) bo.dtioB or r. i.rubrk ot rh. r.nd6 r$.d ofiilrej (., itudB '!lbE h.ld tor er./'.dri. h, brnk wnh. h dr tr'rrprri.s,.'.,rdr6orr$ud; dtdtqlrtyrkdd6i$u.db,Eid*r'dtRed:brd. ' P1.8. hdr.ro r rmnn^.rrn B an hdMu4 b.'r (gNk,, ors fEftiat inrMon lonL Mrh.Ehr ryrid toN,, {si.ndreffiPind N'mt rm!. bm.h (BD d dh4 ron d blrar dlantrdon Fni.h stul be Fincd). nR.osT . o.br ftuids rlru.d otfiio rR.EqY . Equny *udd.i hsu.d otlrhdr bv non Bidnts riRoR . D.Fibry iddflr r$@d imj.srdena Mf . otr3hor. rodsn .u'i.r4.d.tuh 'v Rt.s/n . Fo'er3n dr.r.y.d.rofrl^d.d bonds/nd* of rhe R€pubric ornE ftirippines tRpl rsued oftihor. RP4'N.P.Gd.iomha.d tondtm s/tr . for.r3n .urcn.y.dsnlrd.d bmdr/iorer or dher ph[ppin. 6iden ceir . P.b denmrnned bondr/rdB $r BNX rinrum.iB h.rd ror by b'nk dpd:dng h 6e PhiriFin$ 'r./rdh! EoY}lo.oullvqund.lklu.dbvB or Fd to'.tn.(Eicyn.nomrnred ' ( rMtb.nr rr rtr !hn.r ot{o.r

INAMEOF RECULAF BAT{f,C UNtrI .6&^t4d,rn|gh.d.)qg

INAIIE OF FEGULAR 6^NXING UNI1I 2. LOAN TRANSACTIONS ANO STATUS dllnnar ^iiuni4r Grand TotalUso