Operational relief measures covering fees under the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended

OFFICE OF THE DEPUTY GOVERNOR Monetary and Economics Sector 051 CIRCULAR LETTER NO. CL-2020-_____ To : All Authorized Agent Banks (AABs)/AAB forex corps and All Concerned Subject : Operational relief measures covering fees under the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended With reference to Circular No. 1080 dated 27 March 2020 [Operational relief measures for foreign exchange (FX) transactions under the Manual of Regulations on Foreign Exchange Transactions (FX Manual), as amended] and in light of the declaration of the “community quarantine” by the Office of the President (OP) amidst the spread of coronavirus disease 2019 (COVID-19), the applicable fee1 to be paid by importers for Documents Against Acceptance (D/A) or Open Account (O/A) importations reported beyond the prescribed period2 under item 2.b of Appendix 6 of the FX Manual shall be waived during the period covered by Circular No. 1080 and up to one (1) month thereafter3. For guidance and implementation. FRANCISCO G. DAKILA, JR. Deputy Governor 27 October 2020 1 Peso equivalent of 1/100 of one (1) percent of the unpaid balance of the importation but not less than USD50.00 or more than USD1,000.00 2 I.e., reported less than ten (10) calendar days before the maturity date of the D/A or O/A importation 3 This operational relief measure shall apply regardless whether the reporting of the availment and extension should: (a) have been made before the declaration of the "community quarantine" by the Office of the President; or (b) be made within the period covered by Circular No. 1080 and up to one (1) month thereafter. A. Mabini St., Malate 1004 Manila, Philippines • (632) 7087701 • www.bsp.gov.ph • [email protected]