Further expansion of the coverage of the Currency Rate Risk Protection Program
CIRCULAR NO. 300 Series of 2001
The Monetary Board, in its Resolution No. 1437 dated September 13, 2001, approved the further expansion of the coverage of the Currency Rate Risk Protection Program (the “CRPP Facility”) under BSP Circular No. 292 dated August 17, 2001 to include BSP-registered short-term trade-related borrowings of oil companies from offshore banking units (OBUs) and offshore banks, under the same terms and conditions set forth in the implementing guidelines (Annex 1 of Circular No. 292), subject to compliance with documentary requirements in attached Annex A.
This Circular takes effect immediately.
FOR THE MONETARY BOARD:
RAFAEL B. BUENAVENTURA Governor
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