Issuance of Documents by the Bangko Sentral ng Pilipinas (BSP)/Registering AABs in Electronic Form

BANGKO SENTRAL NG PILIPINAS OFFICE OF THE DEPUTY OOVERNOR I MONETARY AND ECONOMICS SECTOR CIRCULAR LETTER NO. CL-2O23.O27 To All Authorized Agent Banks (AABs)/Subsidiary/Aftrliate Foreign Exchange Corporations of AABs (AAB Forex Corps) and All Concerned Subject lssuanceof Documents bythe BangkoSentral ng Pilipinas (BSP)/hegistering AABs in Electronic Form Pursuant to Circular No.l]7 dated 29 March 2023 on amendments to foreign exchange (FX) regulations, it is hereby clarified that: l. For documents issued by the BSP in electronic form starting 27 March 2O2O [e.9., BSP letter-approval, provisional Bangko Sentral Registration Document (BSRD)1, the BSP shall no longer issue original hardcopies to replace the electronically-issued BSP documents (including provisional BSRDs). Said documents shall remain valid even after the period covered by Circular No.IOSO dated 27 March2OzO. Nonetheless, AABs/AAS forex corps shall verifo with the BSP-lnternational Operations Department (lOD) the authenticity of said BSP documents issued in electronic form submitted by the client prior to FX sale/deposit of funds to peso deposit accounts of non-residents"/ as provided under item 4 of Part One, Chapter I of the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended. 2. Upon effectivity of Circular No. l'17 on 09 May 2023, registering AABs for investments under Section 37 of the FX Manual shall issue documents (i.e., BSRD, BSRD Letter Advice) on behalf of the BSP only in electronic form. The authenticity of said documents shall not be subject to the required verification with the BSP-lOD as provided under item 4 of Part One, Chapter I of the FX Manual. Relative thereto, all registering AABs shall request for details on the BSRD number from the BSP-IOD at telephone nos.: (+632) 87o8-7llo and (+632) 8708-7106 and/or via email: [email protected], cc: [email protected] and [email protected]. "/ covered by Section 3.1 of the FX Manual

Further, existing BSRDs issued in original hardcopyb/ by registering AABs may be converted to electronic/digitized format; Provided, that: (a) all the required information will be included in the electronic/digitized copy; and (b) registering AABs shall submit a notice to the BSP-IOD through above email addresses indicating therein, among others, the list of BSRD Numbers and name of investors concerned. For guidance and implementation. l^a,;n Pa-ZQ FRANCISCO G. DAKIIA, JR. Deputy Governor -L* Aprilzoz3 b/ The original hardcopy of BSRDs for inward investments may be retained based on the registering AJAB'S records retention policy.