Guidelines on the Submission of the Report on Non-Deliverable Forward (NDF) Transactions with Non-Residents

MEMORANDUM NO. M-2008-019

TO:  All Banks and Trust Entities

SUBJECT: Guidelines on the Submission of the Report on Non-Deliverable Forward (NDF) Transactions with Non-Residents

Further to BSP Memorandum No. M-2008-009 dated 27 February 2008 and Circular No. 594 dated 8 January 2008, the following shall be observed relative to the submission of the report on NDF transactions with non-residents:

1.  Effective for the week ending 23 May 2008, all banks and trust entities authorized to engage in NDF transactions with non-residents shall submit to the BSP Supervisory Data Center (SDC) a weekly NDF report using the attached prescribed excel format ( Annex A ).

2. The NDF report shall be electronically submitted to SDC at e-mail address [email protected] , copy furnished to the BSP Treasury Department at e-mail address [email protected] , by the 2nd banking day of the week succeeding reference cut-off date.

3. A Control Prooflist ( Annex B ) duly signed by the authorized official of the reporting institution and a Notary Public shall be transmitted within the prescribed deadline to BSP-SDC via facsimile at (632)523-3461 or 523-0230.

4.  Late and/or erroneous reporting shall be subject to penalty as provided under Circular No. 594.

For compliance.

NESTOR  A.  ESPENILLA, JR. Deputy Governor