Purchases of Foreign Exchange by Non-Residents
CIRCULAR NO. 223 Series of 1999
Pursuant to Monetary Board Resolution No. 1740 dated 3 December 1999, Section 3 of Circular No. 1389 is hereby amended to read as follows:
"Section 3. Purchases of Foreign Exchange by Non-Residents.
Non-residents may purchase foreign exchange from AABs only to the extent of the amount shown to have been sold by them for pesos to AABs. Departing non-residents may reconvert at airports or other ports of exit unspent pesos of up to a maximum of US$200 or an equivalent amount in any other foreign currency calculated at prevailing exchange rates, without need of showing proof of previous sale by them of foreign exchange to AABs. Non-residents, in this particular context, shall pertain only to individual tourist or balikbayan."
Anent to this, the peso deposits of other non-residents, including foreign banks, should be considered inward investments and, therefore, subject to Bangko Sentral ng Pilipinas registration requirements as prescribed under Sections 32, 33, 36, 37 and 38 of Circular No. 1389, as amended.
This Circular shall take effect immediately.
RAFAEL B. BUENAVENTURA Governor
More in BSP Circulars
- Definition of first class collaterals(BSP Circular No. 228)
- Amendments to the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended(BSP Circular No. 918)
- Divestment of Equity Investments(BSP Circular No. 1199)
- Amendment of Regulations on Relocation/Opening/Voluntary Closure/Sale of Existing/Approved but Unopened Branches/Other Banking Offices(BSP Circular No. 697)
- Framework for the Operationalization of the Countercyclical Capital Buffer (CCyB) and Adoption of the Positive Neutral Rate(BSP Circular No. 1235)
- Amendments to the provisions of Sections X268 and X269 and the corresponding subsections of the Manual of Regulations for Banks covering the guidelines on the BSP's Rediscounting Facility(BSP Circular No. 630)
- Amendments to Unit Investment Trust Fund (UITF) Regulations Allowing for a Unit-Paying Feature(BSP Circular No. 876)
- Amendments to Item C.3e of Circular No. 1369, Series of 1992(BSP Circular No. 132)
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