Submission and upgrading of signatories of foreign exchange (FX) position reports

CIRCULAR NO. 242 Series of 2000

Pursuant to Resolution No. 465 dated 24 March 2000, the Monetary Board approved the amendments to Circular No. 194 dated 30 March 1999 and Circular Letter dated 1 July 1998 relative to the submission and the upgrade of signatories of foreign exchange (FX) position reports. Expanded and non-expanded commercial banks are hereby required to immediately adopt the following revisions to the FX position reports, as follows:

Report

FROM

TO

Submission Signatories Submission Signatories

CIRCULAR NO. 194:

a. Schedule 13 (Foreign Exchange Position Report) of FX Form 1 (Consolidated Foreign Exchange Assets and Liabilities)

Cc:Mail within 2 days after end of reference day

Cc:Mail within 2 days after end of reference day; and

Hardcopy to DCB I/II within 2 days after end of reference day

To be signed under oath by the President/CEO or Country Manager  (for branches of FX banks) and Treasurer

b. Certification as to correctness of Schedule 8 and 13

Hardcopy to DCB I/II 3rd banking day after end of reference week

Bank official with a minimum rank of Assistant Vice President

1/

(please see endnotes)

1/

(please see endnotes)

CIRCULAR-LETTER DATED 07.01.98:

b.  Consolidated Foreign Exchange Position Report (CFXPR)

Hardcopy to DCB I/II 3rd banking day after end of reference date

Authorized officer of the bank

Original to DCB I/II 3rd banking day after reference date

To be signed under oath by the President/ CEO or Country Manager  (for branches of FX banks) and Treasurer

c.  Certification as to the inclusion of foreign currency position against pesos of any of Bank’s branches/ offices, subsidiaries and affiliates in its consolidated FX position Monthly not later than 5 banking days from reference month CEO and Treasurer Monthly to DCB I/II not later than 5 banking days from end of reference month

To be signed under oath by the President/ CEO or Country Manager (for branches of FX banks) and Treasurer

Sanctions provided under Circular No. 194 and other existing regulations shall apply for non-submission, delayed, erroneous or incomplete reporting of Schedule 13 of FX Form 1 and CFXPR. This Circular shall take effect 15 May 2000. ___________

1/   The Certification as to the correctness of the Foreign Exchange Position (Schedule 13 of FX Form I) will no longer be submitted in view of the submission of the hardcopy report; the certification for Schedule 8 (Details of Spot and Forward FX) remains.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor