BSP Circulars BSP Circular No. 818BSP Circular No. 818 2013-11-06T00:00:00.000+08:00

Amendments to Foreign Exchange Regulations

BANGKO SeNtRAL NG PILIPInAS

OFFICE OF THE GOVERNOR

CIRCULAR NO. 818

Series of 2013

Subject: Amendments to Foreign Exchange Regulations

Pursuant to Monetary Board Resolution Nos. 1094 dated 4 July 2013 and 1713 dated 17 October 2013, the following provisions of the Manual of Regulations on Foreign Exchange Transactions (issued under Circular No. 645 dated 13 February 2009, as amended) are further revised as follows:

merchandise imports are allowed. However, the importation of certain "Section 6. General Policy. As a general rule, all kinds of

commodities are regulated or prohibited for reasons of public health and safety, national security, international commitments, and development/rationalization of local industry.

X X X

A duly accomplished application to purchase foreign exchange using the prescribed format (Annex A) and supporting documents (as may be applicable) shall be submitted to AABs/AAB-forex corps to allow the sale of foreign exchange to pay for import obligations."

loans to ensure that principal and interest owed to creditors can be "Section 22. The BSP shall regulate foreign/foreign currency

overall debt servicing capacity. x x x serviced in an orderly manner and with due regard to the economy's

5. AABs shall not extend peso financing to non-residents unless explicitly allowed under existing BSP rules.

6. Foreign borrowings of banks shall also be subject to the pertinent provisions of the MORB, as well as other applicable laws, rules and regulations."

"Section 23. Loans Requiring Prior BSP Approval. Prior BSP approval shall be required for the following loans:

X X X

2. Loans of the private sector irrespective of maturity, creditor and the source of foreign exchange for servicing thereof, if:

a. guaranteed by government corporations and/or

government financial institutions; or

A. Mabini St., Malate 1004 Manila, Philippines * (632) 708-7701 www.bsp.gov.ph [email protected]

b. covered by foreign exchange guarantees issued by AABs.

X X x"

following loans may be granted without prior approval of the BSP: "Section 24. Loans Not Requiring Prior BSP Approval. The

X X X

2. Short-term interbank loans of banks, e.g., interbank call loans.

X X X

5. Short-term loans of private exporters/importers from OBUs and foreign banks with branches in the Philippines: Provided That:

X X x

f. The loans have been granted against BSP-approved short-term lending programs of the creditor banks, including OBUs.

X X X

The creditor banks' lending program for private sector borrowers should indicate the proposed credit limit, supported by a list of prospective borrower/s.

X X x"

"Section 29. Servicing of Loanst

X X X

notes) that are not publicly-guaranteed, subject to the following prior BSP approval for prepayments (i.e., payments before original due dates) of BSP-registered private sector loans (including bonds and conditions: 4.AABs and AAB-forex corps may sell foreign exchange without

a. In the case of prepayment of medium- and long-term private sector loans, the borrower shall submit to the BSP-IOD a notice of intention to prepay at least one (1) month prior to the target prepayment date indicating the following: name of creditor, BSP registration number for the loan, date of prepayment, amount of principal to be (e.g., account number and recipient bank). Such notice prepaid and related interest/other fees/charges due in original currency, and remittance instructions

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shall not be required for prepayment of short-term private sector loans.

After payment, the borrower shall submit to the BSP-IOD

Iong-term loans) report (Annexes E.1 and E.2, respectively) duly stamped supporting documents/BSRD and its ST-2 (for short-term loans)/Form 2 (for medium- and within the prescribed deadlines for said reports. proof/s of such payment, together with a copy each of the

b. The foreign exchange selling AAB/AAB-forex corp shall require the presentation by the borrower of documents prescribed under Item B, Appendix 1 hereof.

c. The foreign exchange purchases shall comply with the daily limits as may be determined by the BSP, provided that the total foreign exchange purchases shall not in any case exceed the amount to be prepaid plus related

BSRD/prepayment notice interest and other fees/charges indicated in the

X X X

Unregistered private sector foreign loans were temporarily allowed to be paid using foreign exchange to be purchased from AABs and/or AAB-forex corps under the following BSP Circulars, subject to certain conditions: Circular No. 795 dated 18 April 2013 Circular No. 741 dated 17 November 2011 BSP Issuance May 2013 to December 2013 December 2011 to February 2012 Period Covered

X x x

foreign investments shall be registered with the BSP: "Section 36. Registration with the BSP. The following inward

X X X

year from the date of inward remittance/actual transfer of assets to the Philippines. A Bangko Sentral Registration Document (BSRD) shall be issued by the BSP evidencing registration of such investments. (Annex W) under Section 34 shall be filed with the BSP within one (1) All applications for registration of foreign direct investments

Applications for registration of foreign direct investments already recorded in the investee firm's books may be filed with the BSP-IOD up to 18 April 2015, regardless of date of inward remittance of foreign exchange/actual transfer of assets to the Philippines. After this date, the one (1) year prescriptive period for filing of applications for registration of foreign direct investments shall apply.

X X x"

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added/revised: The following Appendices to and Annexes of the Fx Manual have been

Y Appendix 1: Minimum Documentary Requirements for the Sale of Foreign Exchange by Authorized Agent Banks (AABs)/AAB-Forex Corps for Non-Trade Purposes (Attachment 1) 2. Appendix 2:Listof Regulated Import Commodities and

3. Appendix 6.1: Guidelines for Reporting of Importations under D/A-O/A Administering Agencies/Bureaus (Attachment 2)

4 Appendix 10: Procedures and Documentary Requirements for the Arrangements (Attachment 3)

5 Appendix 10.1: Certificate of Inward Remittance (CIR) Form Registration of Inward Foreign Investments and Other Investments (Attachment 4)

(Attachment 5)

8 9. 6. I Annex E.3: Loan Profile (Attachment 7) Annex W: Application for Registration of Inward Foreign Direct Appendix 18: Guidelines and Minimum Documentary Requirements for Foreign Exchange Forwards and Swaps. (Attachment 6) Annex N: Computation Sheet (Attachment 8)

investments (Attachment 9)

of existing circulars, memoranda and/or other regulations that are inconsistent Repealing Clause. This Circular supersedes/amends/modifies the provisions

herewith.

either in the Official Gazette or in a newspaper of general circulation in the Philippines. Effectivity. This Circular shall take effect 15 calendar days after its publication

FOR THE MONETARY BOARD:

Offic harge

O November 2013

Page 4 of 4

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APPENDIX 1

(As clarified by Circular Letter No. CL-2010-009 dated 5 February 2010, and amended by Circular No. 698 dated 05 November 2010, Circular No. 742 dated 21 November 2011, Circular No. 794 dated 18 April 2013 Circular No. 815 dated 18 October 2013 and Circular No. 818 dated 06 November 2013) Page 1of 10

by Authorized Agent Banks (AABs)/AAB-Forex Corps for Non-Trade Purposes Minimum Documentary Requirements* for the Sale of Foreign Exchange (FX)

A. Sale of FX for Non-trade Current Account Purposes' under Section 2 of the Manual of Regulations

on FX Transactions (FX Manual)

Foreign travel funds Purpose Applicant's passport and ticket (All originals except as indicated) Documents Required

2. Educational expenses/student Photocopy of proof of enrolment with, or billing statement

maintenance abroad from, school abroad

3. Correspondence studies Photocopy of proof of enrolment with, or billing statement from, school abroad 4. Medical expenses Photocopy of billing statement (for services rendered/ expenses incurred abroad) or certification issued by treatment/service to be administered/ rendered) doctor/hospital abroad indicating cost estimate (for the

5 Emigrants' assets (including a. Photocopies of:

inheritance, legacies, and income from properties) iii. Proof of income received from properties in the ii. Notarized Deed of Sale of assets in the Philippines I Emigrant's visa or proof of residence abroad; (e.g., real estate, vehicles, machineries/ equipment, etc.); and Philippines

b. In the absence of the emigrant, a notarized Special agent.If SPA was executed abroad, original of SPA Power of Attorney (SPA) for emigrant's representative/ authenticated by Philippine consulate abroad.

6. Salary/bonus/dividend/other benefits savings) of foreign nationals (including peso a. Employment contract/Certification of employer showing b. ACR I-Card and DOLE Alien Employment Permit of the C. Applicant's notarized certification that the FX remitted is amount of compensation paid to the foreign national had been paid in FX or in pesos; if in FX, proof that the FX during the validity of the contract, stating whether same Was previously sold for pesos to AABs; foreign national;

1 This includes FX purchases for downpayments and progress billings for non-trade services to be b) it is understood that when a bank certification regarding its client's deposit account is required, the * All FX purchases for non-trade transactions shall be directly remitted to the: (a) intended beneficiary's a) All purchases of FX must be accompanied by duly accomplished application to purchase FX using the be serviced with FX purchased from the banking system. Exceptions to this rule are: travel funds, medical expenses abroad not yet incurred, and sales proceeds of emigrant's domestic assets if emigrant rendered/rendered by non-residents, where applicable. account (whether offshore or onshore); or (b) resident creditor bank, whose FCDU loans are eligible to is still in the country. owner of the account should have executed a notarized waiver of secrecy of its deposit. prescribed format (Annex A).

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d. If amount to be remitted comes from sources other than net of local expenses incurred and/or previous transfers salaries/compensation, information regarding the sources supported by appropriate documents should be Submitted. abroad;and

7. Foreign nationals' income taxes due to foreign governments a. b ACR-I Card and DOLE Alien Employment Permit; and Photocopy of income tax return covering the income

tax payment sought to be remitted.

8. Sales proceeds of foreign nationals' domestic assets b. a. ACR I-Card;and Photocopy of proof of sale of asset/s indicating currency of payment

9. Producers' share in movie revenue/TV film rentals a. b. Statement of remittable share rental or rental; and Photocopy of contract/agreement

10. Export commissions due to foreign d Billing statement from non-resident agent; and

agents b Photocopy of contract/agreement 11. Freight charges on exports/imports a b Photocopy of contract/agreement Billing statement; and

12. Charters and leases of vessels/aircrafts a Billing statement from non-resident lessor/owner of

b. Photocopy of contract/agreement vessel/aircraft; and

13. Leases of equipment and other capital goods owned and/or leased by non-resident entities to residents a. b. Billing statement from non-resident lessor and/or owner of the equipment and other capital goods; Photocopy of contract/agreement; and

C. Shipping documents

14. Port disbursements abroad for aircraft and vessels of Philippine registry or chartered by domestic operators and a. b Billing statement; and Photocopy of contract/agreement

salvage fees 15. Satellite and other Telecommunication services a O Billing statement; and Photocopy of contract/agreement 16.Other services provided by non-residents (such as advertising, for initial public offering involving Philippine shares, consultancy, underwriting including brokers' fees information technology, etc.) a For underwriting fees/commissions/related expenses: b. a b. Copy of the international underwriting agreement or similar agreement/contract which shows the fees/ commissions and related expenses and offer price; Detailed computation of the amount subject for Photocopy of contract/agreement Billing statement; and

C. Proof of listing of the IPO shares in the PSE remittance certified by the authorized officer of the issuer; and

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APPENDIX 1

For Foreign Broker's Commission

b. a. sales invoice, as the case may be, reflecting the Detailed computation/allocation of the commission due Certified true copy of the covering purchase invoice or the foreign broker/dealer client for each purchase commission due the foreign broker/dealer client; and

transaction

17. Share in Head Office Expenses (including reimbursements) a d. C D BSRD for the assigned capital in the branch; Certification from the Head Office that the share in Audited financial statements of the Philippine branch Audited schedule/s of allocation of expenses for the Head Office expenses remains unpaid and outstanding; period/s covered; and

18. Insurance/reinsurance premium due to Billings/invoices of insurance companies/ brokers abroad

foreign insurance companies

19. Claims against domestic insurance companies by brokers abroad Billings/invoices from foreign insurer/ reinsurer

20.Net Peso revenues of foreign airlines/shipping companies b. a Photocopy of contract/agreement Statement of Net Peso Revenues (Peso revenues less shipping company; and expenses) certified by authorized officer of airline/

21. Royalty / copyright / franchise / patent/ licensing fees a b. Photocopy of contract/agreement. Statement/computation of the franchise/patent/licensing fee; and royalty/copyright/

22. Net Peso Revenues of embassies/consulates of foreign countries Statement of net peso revenues (Peso revenues less officer expenses) certified by the Embassy's/Consulate's authorized

23. FX obligations of Philippine credit card companies to international credit card companies/non-resident merchants Summary billings

24. Refund of unused foreign grant by/aid a Copy of the contract/agreement covering the foreign

from non-residents funded by inward remittance of FX that was converted to b. Request from grantor for the refund of the unused grant/aid;

Pesos through AABs C amount of grant/aid; and Bank certification on: I. Inward remittance of the foreign grant/aid and its

I. conversion to Philippine pesos; and Balance of the PHP account from which the

Philippine peso to be converted shall be debited

25. Refund of unused foreignloan a Copy of the contract/agreement covering the foreign

proceeds that were funded by inward remittance of FX that was converted to b Request from creditor for the refund of the unused loan;

Pesos through AABs C. Bank certification on inward remittance of the FX loan foreign loan proceeds;and proceeds and conversion to Philippine pesos

"ATTACHMENT 1"

26. Settlement by Philippine Deposit Certification by PDIC on the amount of deposit liabilities to

Insurance Corporation (PDIC) of FCDU deposit claims be paid to resident and non-resident depositors

B. Sale of FX for Servicing Foreign/Foreign Currency Loans including Prepayments by Private Sector

covered by Sections 22 to 31 of the FX Manual

Purpose (All originals except as indicated) Documents Required

Loan Payments

Medium/Long-term (MLT) foreign/foreign currency loans (with original maturities of over 1 year)

a. Regular amortization/payment 1.a. BSP-Registered Foreign/FCDU Loans); and BSP registration letter and accompanying Schedule Part II- Details of FX/Hedging Transactions for RA-2 BSP-Registered (PartI:Schedule Foreign/FCDU of Payments on Loans and

1.b. Copy of billing statement from creditor.

obligations to be serviced, unless otherwise Amounts that may be purchased shall be limited to maturing amounts on scheduled due dates indicated in the registration letter. Purchase and remittance of FX shall coincide with the due dates of the explicitly allowed by the BSP.

Or:

2.a. BSP letter-authority for the borrower to purchase FX to service specific loan account/s and where applicable, the "Schedule of Foreign Exchange Purchases from the Banking System"; and

2.b. Copy of billing statement from creditor.

the unutilized balance of the letter authority. due dates of the obligations to be serviced, unless Remittance of FX purchased shall coincide with the Amounts that may be purchased shall be limited to otherwise explicitly allowed by the BSP

b. Prepayments of BSP-registered 1.a BSP registration letter and accompanying Schedule

2 For the settlement by PDIC of FCDU deposit claims, supporting documents must be presented All original documents shall be stamped "FX-SOLD" indicating the date and amount of FX sold, and regardless of amount. Both resident and non-resident claims may be serviced whether on spot or forward basis and signed by the seller's authorized signatory.

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APPENDIX 1

foreign/foreign currency loans of the private sector that are not BSP-Registered Foreign/FCDU Loans and Part II- RA-2 (Part I: Schedule ofPayments on

publicly-guaranteed Details of FX/Hedging Transactions for

BSP-Registered Foreign/FCDU Loans; and

1.b borrower's notice of prepayment Original BSP letter acknowledging receipt of the

2. Short-term foreign/foreign currency 1.a. BSP approval or registration letter showing loan

1 year) a. loans (with original maturity of up to Loans from offshore creditors (banks and non-banks) 1.b. terms and borrower's receiving copy of its report on short-term loans as submitted to BSP's International Copy of billing statement from creditor. Operations Department (IOD); and

Amounts that may be purchased shall be limited to: (a) amounts/rates indicated in the BSP approval or

the loan indicated in the report, whichever is lower. Purchase and remittance of FX shall coincide with the due dates of the obligations to be serviced, registration letter; or(b) the outstanding balance of unless otherwise explicitly allowed by the BSP.

b. Loans from FCDUs/OBUs For loans requiring BSP approval/registration:

1.a. BSP approval or registration letter showing loan

terms;

1b. Certification from the lending bank on the amount outstanding; and

1.c. Copy of billing statement from creditor.

to be serviced, unless otherwise explicitly allowed by Amounts that may be purchased shall be limited to: (a) amounts/rates indicated in the BSP approval or registration letter; or (b) the outstanding balance of the loan indicated in the bank certification, shall coincide with the due dates of the obligations whichever is lower. Purchase and remittance of FX the BSP.

For loans not requiring BSP approval/individual registrationt

2.a. Head of the lending bank's Loans Department: Promissory Note (PN) certified as true copy by the

2.b. Certification from the lending bank:

I. That the loan is eligible for servicing with FX to be On the principal amount still outstanding;

4 Individual registration means a BSP registration document is required

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Ii I. That the loan was used to finance trade On the date when the loan account was reported transactions (as well as pre-export costs in the to the appropriate BSP department/office under purchase FX.) with existing regulations; case of FCDU loans to exporters) of the purchased from the AABs/AAB-forex corps in line borrower; and the prescribed forms. (This may be dispensed with for new loans which may not have been reported yet to BSP as of date of application to

2.C. Copy of billing statement from creditor.

PN, whichever is lower. Purchase and remittance of FX shall coincide with the due dates of the Amounts that may be purchased shall be limited to amounts/rates indicated in the bank certification or obligations to be serviced, unless otherwise explicitly allowed by the BSP.

C. Prepayment of BSP-registered ST For loans requiring BSP approval/individual registrations,

Sections 24.4 and 24.5 of the FX loans (including those covered by Manual) that are not the BSP registration letter For loans not requiringBSP approval/ individual publicly-guaranteed registration5

1.a PN certified as true copy by the Head of the lending bank's Loans Department; and

1.b Certification from the lending bank: I. On the principal amount still outstanding;

iii. That the loan was used to finance trade I. Iv. On the date when the loan account was be purchased from the AABs/AAB-forex corps in line with existing regulations; transactions of the borrower and/or pre- export peso costs (in the case of FCDU loans to That the loan is eligible for servicing with FX to exporters); and

officeunder reported to the appropriate BSP department/ the prescribed forms, if applicable. Payments Similar arrangements (including Risk Take Over arrangements) related to Guarantees and

1. Payments by resident guarantor For guarantees requiring BSP approval under

under the guarantee Sections 30.1 and 30.3: (i) BSP approval of the foreign/ foreign currency obligation; and (ii) creditor's call on the

5 Refers to cases where reporting to BSP is considered as BSP registration of the loan.

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APPENDIX 1

guarantee

b. For guarantees not requiring BSP approval and registration under Section 30.2(a): (i) copy of the required report stamped as received by the BSP; and (ii) creditor's call on the guarantee

2. Payments by the original resident obligor to the AAB/foreign guarantor arising from the call on the guarantee a b BSP approval of the resulting foreign/foreign currency Billing statement from the AAB/foreign guarantor. obligation; and

3. For FX liabilities arising from a BSP approval of the resulting foreign/foreign currency

guarantees and similar arrangements [including Risk Take Over b Copies of: obligation;

involve foreign/FCDU loans Arrangements (RTO) that do not C Proof/notice of original obligor's default and creditor's H I Agreements/contracts Standby guarantee/similar arrangement; contract/agreement for the guarantee; LetterofCreditSLC) covered orguarantee by the

d. Billing statement from the non-resident or local bank call on the guarantee; and

guarantor

4. Regular fees related to Build-Operate- a BSP Registration Document

Transfer (BOT) and similar financing b Copy of the covering agreements/contracts schemes with transfer provisions C Billing statement from the private sector project

company/proponent

C. Sale of FX for Servicing of Foreign Investments, Investments by Residents, and Related

Transactions covered by Sections 32 to 44 of the FX Manual

Purpose (All originals except as indicated) Documents Required

Foreign Investments

1 Capital Repatriation for:

a. Portfolio Investments in:

I PSE-listed securities issued bv BSRD or BSRD Letter-Advice from the registering custodian

both residents and non-residents bank and any of the following:

2 Photocopy of the original broker's invoice; or b. Electronically-generated copy of the broker's invoice; or

All original documents shall be stamped "FX-SOLD", indicating the date and amount of FX sold, and 7 For securities issued by non-residents, these refer only to equity securities, whether primarily listed at, or uplifted from international exchanges to, the PSE. whether on spot or forward basis and signed by the seller's authorized signatory.

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APPENDIX 1

Systems-generated copy of the broker's invoice C

settlement date for the transactions covered. Documents under items a to c shall contain the settlement amount, number of shares, investment identity, and

I. Peso- Government Securities BSRD or BSRD Letter-Advice from the registering custodian

bank and photocopy of Confirmation of Purchase for Peso Government Securities

ili.90-day time deposits BSRD or BSRD Letter-Advice from the registering custodian bank and photocopy of Matured Certificate of Deposits for 90-day time deposits

Iv. Other peso-denominated debt BSRD and photocopy of matured security, or proof of sale,

securities issued onshore by private resident firms or equivalent document covering the debt securities

b.Foreign Direct Equity Investments d e C. D D Photocopy of Proof of Sale or relevant documents banks), or from the Insurance Commission (for or from the National Power Corporation (for oil/ showing the amount to be repatriated; in case of funds/assets such as statement of net assets in Photocopy of Clearance from appropriate department of the BSP-Supervision and Examination Sector (for insurance companies), from the Department of Energy gas/geothermal energy exploration companies); attached format (Annex N) prepared by the selling BSRD; dissolution/capital reduction, proof of distribution of liquidation; Detailed computation of the amount applied for in the stockholder's representative; Photocopy of pertinent audited financial statements;

f. and SEC clearance in case of dissolution, if applicable.

2. Remittance of Earnings/Interests Dividends/ Profits/ a b. Photocopy of PSE-cash dividends notice and Phil. Photocopy of secretary's sworn statement on the Board BSRD or BSRD Letter-Advice; Central Depository (PCD) printout of cash dividend payment or computation of interest earned issued by MMI issuer or bank;

e. d Photocopy of latest audited financial statements or For direct foreign equity investments, photocopy of interim financial statements of the investee firm covering the dividend declaration period (for direct clearance pertaining to the investee firm from listed banks), Insurance Commission (for insurance Resolution covering the dividend declaration; foreign equity investments); BSP-Supervision and Examination Sector (for non-PSE companies), Department of Energy or from the National

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* Power Corporation (for oil/ gas/geothermal energy exploration companies); and Detailed computation of the amount applied for using

the prescribed format (Annex N).

3. Outward remittance in equivalent FX a. Certified true copy of certificate of inward remittance of

pesos, if any inward remittance of foreign exchange of: (a) excess pesos funded with computed as follows: peso proceeds of foreign exchange inwardly remitted less the peso amount actually used for (b) interest earned on the excess BSP-registered investment/s;plus b C. d. For remittance of interest earned from the peso cash Original BSRD showing utilization not less than 50 case of investments registered by custodian banks, an registered investment may substitute for the BSRD; Swiftmessage/letter investor for return of excess funds; foreign exchange and conversion to pesos; percent of total peso proceeds, net of charges, if any. In original bank certification indicating details of the request from non-resident

bank on the amount of interest pertaining to the excess peso funds for outward remittance. account, certification from the depository/custodian

4. Investments by Philippine residents under Section 44 of the FX Manual a. i Outward investments by residents in: i Debt residents, including depositary Offshore issued receipts and offshore foreign equity by securities currency non- a. C. b. d A certification by the resident investor on the cumulative FX purchases from AABs and AAB-forex Photocopy of clearance from the Insurance Commission (IC) for investments of insurance companies; Photocopy of swift payment order instruction from the corps within the calendar year for all investments under Section 44 of the FX Manual; Original BSP letter-approval for the purchase of FX from AABs and AAB-forex corps for all investments under Section 44 of the FX Manual, in excess of the USD60 million limit;

iii. Foreign currency-denominated and Unit Investment denominated Funds(UITFs) intercompany offshore subsidiaries-of residents with parent Mutual Funds companies/ loans Trust to counterparty/broker/trader indicating the name of payee and type/kind of investment authenticated by the broker/trader (for instruments purchased offshore); or Proof of purchase of the debt securities by the resident client, namely: copy of the deal ticket, bank's confirmation of sale, client's letter of instructions indicating intent to purchase the securities and other

b. iv. Investments in real property Other investments by residents: condominium units an original tenor of at least one (1) year abroad, including 0 Photocopy of any of the following as applicable: (i) investment proposal or agreement/subscription agreement/Deed of Sale or Assignment of the Investments/bond or stock offering/signed loan details of the transaction (for instruments held for sale/trading by banks); and agreement or equivalent signed document, with an

ii. Instruments sale/trading Bonds/notes of the Republic of peso-denominated foreign currency notes requiring settlement in the Philippine issued Philippines offshore, resident by held or including entities bonds/ banks other for investor's order/letter to broker/trader/bank to purchase instruments (such as investments in debt and equity securities, as well as depositary receipts, Mutual Funds and UITFs) original tenor of at least one (1) year/Contract to Sell covering a sale of real property abroad; or photocopy of

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ii. Equity foreign currency residents and listed abroad operating in the namely: (i) bond/notes under item (a) hereof; and (ii) debt Securities non-residents securities and issued I payable in Philippines, issued by by

"Attachment 2"

(As amended by Circular No. 794 dated 18 April 2013 and Circular No. 818 dated 06 November 2013) APPENDIX 2 Page 1 of 30

List of Regulated Import Commodities and Administering Agencies/Bureaus

Government Agencies/ Bangko Pilipinas (BSP) Clearance/Legal Basis Issuing Permits/ Sentral ng Commodity Description/Commodity Group/ Tariff Heading(TH)

Section 4 (Cross-Border amended Foreign Circular No. 645 dated 13 February 2009, as Transfer of Local and Currencies) Bank Notes, Coin of precious metal other than gold and of non-precious metal Legal tender Philippine notes and coins, checks, money order and other bills of exchange drawn in pesos against banks operating in the Philippines in an not being legal tender, Coin blank essentially of gold, Coin blank essentially of steel, Coin blank essentially of copper, Coin blank essentially of nickel, Coin blank essentially of zinc, Coin blank essentially of tin, and Coin blank essentially of aluminum/TH 4907, 7118, 7108, 7326, 7419, 7508, 7907, 8007, 7616 amount exceeding PHP10,000.00

Bureau of Animal a.Live animals, including birds, worms, bees, and butterflies; Industry (BAI) b. Animal products and by-products (meat and edible meat offals, fat, milk C Chocolate and other food preparations containing milk; whey, cream, butter, cheese, egg, birds nest or other food or foodstuff animal such as semen, embryos, whether or not in combination with any order to be an animal product); derived from an animal; or any part of the viscera of an animal, hide, skin, hair, wool, feathers, shell, horn or hoof; or any article or substance derived from dung, urine, feces, bone, or blood of an animal; or any secretion of an animal or any product or biological preparation made or derived from an article or substance; or any article or substance or thing that is declared by

d. Pasta, whether or not cooked or stuffed (dairy or cheese products, meat and . Feeds and mixtures or combinations of feed ingredients, supplements and whether or not containing milk, cheese, meat and meat products, eggs, etc. communion wafers, empty caches of a kind suitable for pharmaceutical use, sealing wafers, rice paper and similar products; additives, in any form, by specific formula, to be fed directly as a sole ration meat products, eggs, or any other products with animal origin) or otherwise cannelloni, couscous, whether or not prepared; tapioca and substitutes therefore prepared from starch, in the form of flakes, grains, pearls, siftings or in similar forms; prepared foods obtained by the swelling or roasting of cereals or cereal products (e.g., corn flakes), cereals [other than maize (corn)], in grain form or in the form of flakes or other worked grains (except flour, groats and meal) pre-cooked or other preparations, not elsewhere specified or included; bread, pastry, cakes, biscuits and other bakers' wares, prepared, such as spaghetti, macaroni, noodles, lasagne, gnocchi, ravioli,

2 The clearances/permits shall be secured from the concerned government agencies/entities. 1 This list has been updated as of 1 April 2013 based on inputs from concerned administering agencies/bureaus. For any concern, query and/or updates on the list, please coordinate with the appropriate concerned agency/ies indicated above. XXX

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APPENDIX 6.1

(As amended by Circular No. 751 dated 16 March 2012 and Circular No. 818 dated 06 November 2013) Page 1 of 2

Guidelines for Reporting of Importations under D/A-O/A Arrangements

1. Upon receipt of importer-clients' original shipping documents under documents against acceptance (D/A) and open account (O/A), Authorized Agent Banks (AABs) and offshore banking units (OBUs) shall report the availment under Schedule 10 (Import Letters of Credit (L/Cs) Opened and D/A-O/A Import Availments and (Consolidated Report on Foreign Exchange Assets and Liabilities), as amended. Extensions) and the payment under Schedule 11 (Import Payments) of FX Form 1

2. Within five (5) banking days after the end of the reference week, the hard copy of the following shall be submitted to the BSP-International Operations Department (IOD):

a.Schedule 10 of FX Form 1 for DA/OA imports; and

b. Schedule 11 for partial payment of D/A-O/A imports, identifying the payments with an asterisk and indicating the amount in original currency (and USd equivalent thereof as footnote).

AABs shall keep the documents supporting the importations and make these available upon request by the BSP.

3. Each D/A-O/A importation shall be assigned a unique Bank Reference Number (BRN)

be used by the remitting AAB/OBU when reporting payment for the importation. by the reporting AAB/OBU which shall include the bank code. Such BRN should also

4. If the currency of payment is not USD, the USD equivalent to be reported under Treasury Department Reference Exchange Rate Bulletin issued on report date. Schedule 10 shall be computed at the exchange rate quoted in the daily BSP

5. Extensions of maturity date shall be reported under Schedule 10.

6. In case of an 0/A importation where the foreign exchange selling/remitting following: (1) documents required under Item Il.a of Appendix 4; and (2) duly signed importation and that the importation has been duly reported to the BSP, indicating the pertinent BRN. AAB/OBU is not the reporting institution, the selling/remitting institution shall require, prior to sale of foreign exchange, the submission by the importer of the certification from the reporting AAB/OBU as to the remaining unpaid balance of the

"Attachment 3"

(As amended by Circular No. 751 dated 16 March 2012 and Circular No. 818 dated 06 November 2013) APPENDIX 6.1 Page 2 of 2

7. The AAB/OBU reporting the D/A-O/A availment shall verify with/obtain from the

BSP-IOD the code of a new importer for purposes of reporting under FX Form 1 and its Schedules

8. The penalty provisions under Section 106 of the Manual shall apply to AABs that sell

foreign exchange for servicing D/A-O/A importations that were not previously reported later than ten (10) calendar days before due date without payment of required BsP processing fee. reported to the BSP under the prescribed Schedule 10 of FX Form 1 or were

"Attachment 4"

APPENDIX 10

As clarified by Circular Lett 21 November 2011, Circular No. 794 dated 18 April 2013, Circular No. 815 dated 18 October 2013 and ter No. CL-2010-009 dated 5 February 2010, and as amended by Circular No.742 dated Circular No. 818 dated 06 November 2013) Page 1 of 9

Registration of Inward Foreign Investments and Other Investments Procedures and Documentary Requirements for the

Sentral Registration Document (BSRD) by the Bangko Sentral ng Pilipinas (BSP) or a designated custodian bank. A foreign investment is considered BSP-registered upon issuance of a Bangko

A. For registration with the BSP

instruments, under Section 34 and Section 35.4, respectively, of the "Manual" shall be registered directly with the BSP. Foreign direct investments and investments in other peso-denominated debt

1. Foreign Direct Investments.

documents: The following are the procedures for registration and the requisite supporting

a. For Cash Investment

The application shall be filed directly with BSP together with the following supporting documents:

Certificate of inward remittance (CIR) of foreign exchange through an AAB in the prescribed format (Sample CIR and Guide/Instructions for Appendix 10.2, respectively) Filling-Out CIR Form hereto attached as Appendix 10.1 and

investment is not required for registration of foreign direct investment; and Note: Conversion to pesos of the foreign exchange funding the

ii. Sworn certification of the officer of the investee firm concerned and attesting to the number of shares and amount paid for the investment [Suggested format attached as Appendix 10.3A (for Stock Corporations) and Appendix 10.3B (for Branches/Representative Offices/Regional Headquarters/Regional Operating Headquarters)];

iii. For investee firms that are corporations/partnerships: Photocopy of the Certificate of Registration with the Philippine Securities and

1 Foreign direct investments required by law to be registered with the Securities and Exchange endorsement by either agency and submission of required documents. Commission or the Bureau of Trade Regulation and Consumer Protection of the Department of Trade and Industry shall be extended a Bangko Sentral Registration Document (BSRD) upon

"Attachment 4"

APPENDIX 10

(As clarified by Circular Letter No. CL-2010-009 dated 5 February 21 November 2011, Circular No. 794 dated 18 April 2013, Circular No. 815 dated 18 October 2013 and 2010, and as amended by Circular No.742 dated Circular No. 818 dated 06 November 2013) Page 2 of 9

Information Sheet stamped received by SEC, if any. Exchange Commission (SEC), Articles of Incorporation/Partnership and amendments thereto (if any), together with latest General

For investee firms that are sole proprietorships: Photocopy 'of Registration certification from DTI

b. For Investment in Kind

the following supporting documents: Application for registration shall be filed directly with BSP together with

I Shipping documents; ii. Bureau of Customs Import Entry and Internal Revenue Declaration

iii. Sworn certification of the officer of the investee firm concerned (IEIRD); and attesting to the number of shares and amount paid for the investment [Suggested format attached as Appendix 10.3A (for Stock Corporations) and Appendix 10.3B (for Branches/Representative Offices/Regional Headquarters/Regional Operating Headquarters)]

BSP before their registration. The value of investments in kind shall be assessed and appraised by the

c. For investment in financial institutions which are governed and regulated by the BSP:

be required in addition to the documentary requirements for investments Clearance from the Supervision and Examination Sector of the BSP shall in cash or in kind.

d. Investment in Condominium Units

i Copy of duly accomplished original CIR of foreign exchange; ii. Condominium Certificate of Title in the name of the foreign investor, iii. Certification from the owner/developer/administrator/property foreign ownership limitation under existing Philippine laws. or copy of the Deed of Absolute Sale/Contract to Sell the manager of the condominium attesting to compliance with the condominium unit to the foreign investor; and

e. Registration as foreign investments of capitalized oil, gas, geothermal energy exploration/development expenditures

"Attachment 4"

APPENDIX 10

(As clarified by Circular Letter No. Cl-2010-009 dated 5 February 2010, and as amended by Circular No. 742 dated 21 November 2011,Circular No.794 dated 18 April 2013,Circular No.815dated 18 October 2013 and Circular No. 818 dated 06 November 2013) Page 3 of 9

The application for registration shall be filed directly with the BSP together with the following supporting documents:

Copy of the Department of Energy (DOE)/National Power Corporation (NPC) letter-validation of expenditures showing, among others, the service contract/other contract. Government-approved service contract/other contract; and distribution of validated expenditures among the partners under the

f. Investments funded by foreign loan/s and other payables converted into equity

Original CIR of foreign exchange through an AAB in the prescribed format (Appendix 10.1) for foreign loans not registered with the BSP;

ii. Copy of BSP registration for foreign loans registered with the BSP; iv. Deed of Assignment of foreign loan or other payables; vi.Articles of Incorporation of the investee firm iii. Sworn certification from investee firm's authorized officer attesting to v. Latest audited financial statements of investee firm; and the number of shares and amount paid for the investment remittable outward and that such are funded from foreign loans/payables converted to equity; or

g. Stock and/or property dividends accruing on BSP-registered investments in non-PSE-listed firms

I. Sworn certification signed by the investee firm's authorized officer on Copy of BSRD;and

Resolutions for stock dividends; and (ii) Board Resolution for property the declaration of the stock and/or property dividend, to include relevant excerpts of the covering: (i) Stockholders' and Board dividends.

h. Stock splits/reverse stock splits on BSP-registered investments in non-PSE-listed firms

i.Copy of BSRD; and ii. Sworn certification signed by the investee firm's authorized officer excerpts of the covering Stockholders' and Board Resolutions declaring the stock split/reverse stock split, to include relevant

"Attachment 4"

APPENDIX 10

(As clarified by Circular Letter No. CL-2010-009 dated 5 February 2010, and as amended by Circular No. 742 dated 21 November 2011, Circular No. 794 dated 18 April 2013, Circular No. 815 dated 18 October 2013 and Circular No. 818 dated 06 November 2013) Page 4 of 9

2. Investments in Other Peso-denominated Debt Instruments

private resident firms (such as bonds/notes, bills payables, non-participating Investments in other peso-denominated debt instruments issued onshore by preferred shares, and not covered by Section 23 of the Manual, shall be registered directly with the BSP supported by the following documents:

a. Original CIR of foreign exchange and its conversion to pesos through an AAB in the prescribed form (Appendix 10.1); and b.Contract/Certificate of investment

For bonds/notes issued by private domestic firms that were purchased from Iocal banks, the following additional documents shall be required:

a. Copies of bonds/notes; and b. Purchase Price Letter/Agreement

For foreign investments in non-participating preferred shares, the following additional document/s shall be required:

local stock exchange for new/additional issues/stock rights Purchase invoice, or subscription agreement and/or proof of listing in the

3. Investment in bonds/notes converted into equity shares in PSE-listed

companies

a. Original CIR of foreign exchange issued by an AAB in the prescribed b. Bond/Note Offering Circular for bonds/notes not registered with the BSP; format (Appendix 10.1) for proceeds of foreign loans not registered with the BSP; or Copy of BSP registration for foreign loans registered with the BSP;

C. Sworn certification from investee firm's authorized officer attesting to the

d. Notice of Bond Conversion from the Agent showing the amount of bonds e. Latest audited financial statements of investee firm; and Articles of Incorporation of the investee firm and latest General number of shares issued and amount paid for the investment and that such are funded from foreign loans/payables converted to equity; converted, equivalent number of shares, conversion price and conversion Information Sheet submitted to SEC. date;

"Attachment 4"

APPENDIX 10

4. Reinvestment of_peso divestment/sales proceeds or dividends/profits/ documentation for the specific form/type of reinvestment) earnings_of duly registered investments (The following documentation requirements are in lieu of the CIR and in addition to the required

For divestment/sales proceeds

a. Original BSRD; b. Sworn certification signed by the original investee firm's authorized C. Proof of divestment/sale for direct investment/s; or officer attesting to the divestment/sale by the foreign investor; and

d. Matured contract/certificate of investment/proof of redemption for money market instruments

For dividends/profits/earnings

a. Copy of BSRD; and b. Sworn certification signed by the investee firm's authorized officer

C Proof of interest/coupon payments for investment/s in money market excerpts of the covering Board Resolution; or declaring the dividends or distribution of profits, to include relevant

instruments

5. BSP-registered investments sold/transferred to another foreign investor if payment is made offshore in foreign exchange

b. Sworn certification from the authorized officer of the investee firm, a. Original BSRD; attesting to the transfer/assignment of the investments from the selling foreign investor to the buyer, in the books of the investee firm; and c. Deed of Sale/Assignment

Replacement of Lost BSRDs

a. Letter request from the foreign investor or his duly authorized representative;

b. Affidavit of Loss from the foreign investor or his duly authorized representative attesting to the following:

I Loss of the original BSRD; ii. Reason for the loss; iii. Affirmation that they have exercised diligent search for the document/s declared lost;

"Attachment 4"

APPENDIX 10

iv. That the investment is still intact and existing to date; v. The outstanding balance of the investment, net of repatriation, if any vi. The registration number/s and date/s registered; vii. The number of shares registered under each registration and

percentage of the foreign investment to the total shares subscribed and paid up, as applicable.

c. Letter authority from the foreign investor for the replacement of the lost BSRD if the request and affidavit of loss are accomplished and signed by the duly authorized representative.

B. For Registration with Custodian Banks

the BSP, the following: Custodian banks designated by the foreign investors shall register, in behalf of

1. Non-resident investments in peso-denominated government securities, PSE-listed securities of Philippine residents, and peso time deposits with tenor of at least 90 days (Items 1, 2, and 3 under Section 35 of the Manual); and

2 Non-resident investments in PSE-listed equity securities issued by non- residents.

The duplicate copy of the BSRD issued by custodian banks, together with the

the BSP-IOD within two (2) banking days from date of registration for post audit bank. purposes. The original BSRD shall remain in the custody of the issuing custodian requisite supporting documents enumerated in this Appendix, shall be submitted to

I Rules on issuance of BSRDs by custodian banks

banks: The following rules shall govern the registration of investments with custodian

1. A BSRD shall be issued by a custodian bank to a non-resident for all his

investments in peso-denominated government securities, PSE-listed securities of residents, and peso time deposits.

A separate BSRD (with the suffix "NR" in the registration number) shall be issued by a custodian bank to a non-resident exclusively for all his investments in PSE-listed equity securities issued by non-residents.

Registered investments shall be reported by the custodian bank to the BSP-IOD within two (2) banking days from transaction date under the prescribed report form/s.

"Attachment 4"

2. All changes in composition of investments shall be reflected in the same BSRD.

3. For registration purposes, the following shall be annotated on the

appropriate BSRD:

a. Additional investments funded by inward remittances of FX as well as those involving upliftment/transfer to PSE of shares issued by non-residents and previously listed in an international exchange; and

b. Changes in the composition of registered investments that do not involve inward remittance of foreign exchange, such as stock dividends, stock splits, or reverse stock splits.

two (2) banking days from transaction date under the prescribed report form The above shall be reported to the BSP-IOD by the custodian bank within

I1. Documentary Requirements for Registration of Investments:

1. Investments in peso-denominated government securities (Gs)

b. Original CIR of foreign exchange and its conversion to pesos through an a. Accredited dealer's Confirmation of Sale (COS); C. "Authority to Disclose Information" in the prescribed format AAB in the prescribed format (Appendix 10.1); and

(Appendix 10.4).

2. Investments in PSE-listed securities of residents

The application for registration shall be supported by the following documents:

a. For new/additional investments:

i. Purchase invoice, or subscription agreement and/or proof of listing in the local stock exchange for new/additional issues/stock rights; and

ii. Original CIR of foreign exchange and its conversion to pesos through an AAB in the prescribed format (Appendix 10.1)

iii. For annotation the BSRD of stock dividends which accrued to registered investments:

"Attachment 4"

APPENDIX 10

PSE Notice (Circular for Brokers) announcing the stock dividend declaration

b. For annotation on the BSRD of stock splits/reverse stock splits:

split PSE Notice (Circular for Brokers) announcing the stock split/reverse stock

3. Investments in peso time deposits with tenor of at least 90 days

b. Original CIR of foreign exchange and its conversion to pesos through an c. "Authority to Disclose Information" in the prescribed format a. Certification of peso time deposit; AAB in the prescribed format (Appendix 10.1); and (Appendix 10.4).

4. Non-resident investments in equities issued by non-residents previously to PSE listed in an international exchange and subseguently uplifted/transferred

a Proof of transfer of shares [e.g., certificate of lodgement with the

Philippine Depository and Trust Corp. (PDTC)] with details, including the following: number of shares transferred and par value of securities;

b. For annotation on the BSRD of stock dividends which accrued to

registered investments:

PSE Notice (Circular for Brokers) announcing the stock dividends

c. For annotation on the BSRD of stock splits/reverse stock splits:

split PSE Notice (Circular for Brokers) announcing the stock split/reverse stock

5. Non-resident investments in PSE-listed equity securities issued by non- residents

a. Original CIR of foreign exchange showing conversion to pesos through an

AAB in the prescribed form (Appendix 10.1); and

b. Purchase invoice or Subscription agreement and/or proof of listing at the PSE for new/additional issues/stock rights.

"Attachment 4"

APPENDIX 10

C. For annotation on the BSRD of stock dividends which accrued to

registered investments:

PSE Notice (Circular for Brokers) announcing the stock dividends

d. For annotation on the BSRD of stock splits/reverse stock splits:

PSE Notice (Circular for Brokers) announcing the stock split/reverse stock split

6. Reinvestmentof peso divestment/sales proceeds or dividends/profits/ earnings of duly registered investments

For divestment/sales proceeds:

a. Original BSRD-Letter Advice; and b. Proof of redemption of GS; or Broker's sales invoice; or Matured

certificate of peso time deposit, as applicable

For dividends/profits/earnings:

a. Original BSRD-Letter Advice; and b. PSE Notice (Circular for Brokers) announcing the issuance of cash

for investment/s in GS and peso time deposits dividend for PSE-listed securities; or proof of interest/coupon payments

Ill. Surrender of BSRD

(redeemed/sold/withdrawn) by the foreign investor, the custodian bank shall Whenever the BSP-registered investments have been fully divested

from date of full remittance of divestment proceeds. surrender the original BSRD to the BSP for cancellation within two (2) banking days

"Attachment 5"

OF FOREIGN EXCHANGE NO. CCYY-NNNNN-BBBB CERTIFICATE OF INWARD REMITTANCE (CIR) (As amended by Circular No. 818 dated 06 November 2013) APPENDIX 10.1

Name of Issuing Bank

TO THE BANGKO SENTRAL NG PILIPINAS: Part I. This is to certify that this Bank (mark applicable box/boxes):

A. Received an inward remittance of foreign exchange B. Converted FX into Pesos, with the following

(FX), with the following particulars: particulars:

1. Name of Remitter: 8.a) FX 0 Full Utilization of FX Received: converted to Pesos:

2. Country of Remitter: Global Custodian: ] Yes No 0 Partial Utilization of FX Received:

3. Beneficiary of Foreign Currency Funds: O/S Balance after this Utilization:

4 Remitting Foreign Bank: b) Rate of Conversion Pesos per charges): Foreign Currency (before

5 Date of Remittance:( I C d Date Converted to Pesos: Amount charges): of Peso Proceeds (net of

6. 7. FX Received: Remittance/Telegraphic Transfer Ref. No.: 0 Currency: e FX Receiving Bank's Name (if other than converting bank): CIR No.:

0 0 D Total T/T Amount : Amount Utilized : O/S Balance after this CIR 9. US$ Equivalent (if foreign currency remitted is other than US$): T/T Ref. No

Utilization:

Part II. This is to certify that (mark and fill up applicable box):

The peso proceeds have been paid to the beneficiary under: The said peso proceeds were deposited with this bank on MC No.: PCHC Ref.: Cc No.: date the proceeds were credited to client's account

(BSRD) for the inward foreign investment of This certificate is issued for the sole purpose of obtaining a Bangko Sentral Registration Document Name and Nationality of Investor this Date of this Certification

Name of Branch/Department in Head Office Signature of Authorized Officer Over Printed Name

Contact Telephone No.: Fax No.: Position

IOD Form 03-002-04 * Version -- * Updated <Effectivity of covering circular>

"Attachment 6"

APPENDIX 18

(As amended by Circular No. 794 dated 18 April 2013 and Circular No. 818 dated 06 November 2013) Page 1 of 5

Guidelines and Minimum Documentary Requirements for Foreign Exchange Forward and Swap Transactions

exchange (FX) forward and swap transactions. Unless otherwise indicated, original documents" shall be presented on or before deal date to banks. The following are the minimum documentary requirements for foreign

A. FORWARD SALE OF FOREIGN EXCHANGE TO COVER FX OBLIGATIONS

DELIVERABLE AND NON-DELIVERABLE

1.FORWARD SALE OF FOREIGN EXCHANGE -TRADE

1.1 Trade Transactions

1.1.1Under Letters of Credit (LC)

b. Accepted draft or Commercial invoice / Bill of Lading a.Copy of LC opened;and

1.1.2 Under Documents against Acceptances (DA)/Open Account

(OA) Arrangements

d. Certification of reporting bank on details of the DA/OA

b Copy of commercial invoice. transaction under Schedule 10 (Import Letters of Credits Opened and D/A-O/A Import Availments and Extensions) of FX Form 1 (Consolidated Report on Foreign Exchange Assets and Liabilities);

the customer to submit a Letter of Undertaking that: In addition to the above requirements, the bank shall require

I Before or at maturity date of the forward contract, it (the

importer) shall comply with the documentation requirements on sale of foreign exchange for trade

ii. No double hedging has been obtained by the customer for the covered transactions. transactions under Appendix 4 of the Manual; and

1.1.3Direct Remittance

Original shipping documents indicated in item Il.a of Appendix 4 of the Manual, as amended.

If copy is indicated, it shall mean photocopy, electronic copy or facsimile of original

"Attachment 6"

APPENDIX 18

(As amended by Circular No. 794 dated 18 April 2013 and Circular No. 818 dated 06 November 2013) Page 2 of 5

2. NON-TRADE TRANSACTIONS

Only non-trade transactions with specific due dates shall be eligible

requirements under Appendix 1 of the Manual, with the following additional for forward contracts, and shall be subject to the same documentation

guidelines for foreign currency loans and investments.

2.1 Foreign Currency Loans owed to non-residents or AABs

2.1.1 Deliverable Forwards

i.e., those that are registered with the BSP, including interest and fees thereon as indicated in the BSP registration letter, may be covered by a deliverable forward subject to the documentary requirements under Item B of Appendix 1 of the Manual. A copy of the creditor's billing The maturing portion of the outstanding eligible obligation,

statement may be submitted on or before the maturity date of the contract.

2.1.2 NDFS

subject to the documentary requirements under Item B of Appendix 1 of the Manual, except for the creditor's billing statement which need registered with the BSP, including interests and fees thereon as indicated in the BSP registration letter, may be covered by a NDF not be submitted. The outstanding eligible obligation, i.e., those that are

outstanding amount of the underlying obligation during the term of The amount of the forward contract shall not exceed the

the contract.

2.2 Inward Investments -- Deliverable

The unremitted amount of sales/maturity proceeds due for repatriation to non-resident investors pertaining to BSP-registered investments in the following instruments:

a. securities listed at the Philippine Stock Exchange (PSE) issued by

both residents and non-residents; b. C. peso time deposits with an AAB with minimum tenor of 90 days; peso-denominated securities issued onshore by the National Government and other public sector entities;

and

"Attachment 6"

(As amended by Circular No. 794 dated 18 April 2013 and Circular No. 818 dated 06 November 2013) APPENDIX 18 Page 3 of 5

d. other peso-denominated debt instruments issued onshore by

Manual private resident firms and not covered by Section 23 of the

may be covered by foreign exchange forward contracts subject to the

shall be presented on or before maturity date of the foreign exchange BSRD or BSRD Letter-Advice, together with the broker's sales invoice, forward contract, which date coincides with the intended date of (BSRD) on or before deal date. However, for Item 2.2.a above, original presentation of the original Bangko Sentral Registration Documents

remittance.

stock that are not listed in the PSE may be covered by a deliverable Sales proceeds of BSP-registered investments in shares of

outstanding as of deal date for the contract and payable on a specific future date as indicated in the Contract To Sell/Deed of Absolute Sale foreign exchange forward contract only if determined to be and subject to the same documentary requirements under Item C of Appendix 1 of the Manual.

B.FORWARD SALE OF FOREIGN EXCHANGE TO COVER EXPOSURES

DELIVERABLE AND NON-DELIVERABLE

1. TRADE (DELIVERABLE AND NON-DELIVERABLE)

1.1 Under LC

a.Copy of LC opened; and b. Proforma Invoice, or Sales Contract / Purchase Order

1.2 Under DA/OA, Documents Against Payment (DP) or Direct Remittance

(DR)

later than one (1) year from deal date: Any of the following where delivery or shipment shall be made not

b. Confirmed Purchase Order a. Sales Contract

c. Accepted Proforma Invoice d.Shipment/Import Advice of the Supplier

In addition to the above requirements, the bank shall require the customer to submit a Letter of Undertaking that:

"Attachment 6"

(As amended by Circular No. 794 dated 18 April 2013 and Circular No. 818 dated 06 November 2013) APPENDIX 18 Page 4 of 5

I At maturity of the forward contract, it shall comply with the

ii. No double hedging has been obtained by the customer for the covered transactions. trade transactions under Appendix 4 of the Manual; and documentation requirements on the sale of foreign exchange for

2. NON-TRADE (NON-DELIVERABLE)

specific repatriation date, appearing in the covering BSRD may only be covered by an NDF contract, based on its market/book value on deal date, subject to (e.g., original stock certificate, or certification for the lodgment of shares with the peso-denominated debt instruments, or certificate of peso time deposits as may be applicable). Hedging of permanently assigned capital of Philippine branches of foreign banks/firms is not allowed. presentation of the covering BSRD and the proof that the investment still exists Philippine Depository and Trust Corporation or broker's buy invoice, or confirmation of sale, or original The outstanding balance of BSP-registered foreign investments without certificateof investmentin other

C. FORWARD PURCHASE OF FOREIGN EXCHANGE

Your Customer" policy and existing regulations on anti-money laundering. In addition, counterparties must be limited to those that are manifestly eligible to engage in foreign exchange forwards as part of the normal course of their operations, and which satisfy the bank's suitability and eligibility rules for such transactions. Such foreign exchange forward contracts shall be subject to the bank's "Know

D.FOREIGN EXCHANGE SWAPS

1. FOREIGN EXCHANGE SALE (first Ieg)/FORWARD FOREIGN EXCHANGE PURCHASE (second leg) --

the Manual for trade transactions, shall be presented on or before deal date. under Appendix 1 of the Manual for non-trade transactions, and Appendix 4 of The same minimum documentary requirements for sale of foreign exchange

2. FOREIGN EXCHANGE PURCHASE (first leg)/FORWARD FOREIGN EXCHANGE SALE (second leg) -

for swaps covering foreign/foreign currency loans and inward investments, the policy and existing regulations on anti-money laundering. The second leg of the minimum documentary requirements for sale of foreign exchange under Appendix 1 of the Manual shall also be presented to the bank counterparty prior swap will be subject to the swap contract between the counterparties. However, The first leg of the swap will be subject to the bank's "Know Your Customer"

"Attachment 6

(As amended by Circular No. 794 dated 18 April 2013 and Circular No. 818 dated 06 November 2013) APPENDIX 18 Page 5 of 5

forward leg of the swap. to delivery of foreign exchange by the bank to its client at any time under the

shall be no delivery of foreign exchange at any time under the swap contract unless the foreign/foreign currency loans/inward investments are duly registered With the BSp." For this purpose, the swap contract must include a statement that: "There

non-residents in favor of residents shall require prior BSP approval. Swap contracts of this type intended to fund peso loans to be extended by

The rules under Item D thereof shall also apply to cross currency swaps.

1 Cross currency swap is defined as an arrangement in which two parties exchange a series of cash flows in one (1) currency for a series of cash flows in another currency, at specified exchange and/or interest rates and at agreed intervals over an agreed period.

"Attachment 7"

(Pursuant to Circular No. 794 dated 18 April 2013 and Circular No. 818 dated 06 November 2013) ANNEX E.3

LOAN PROFILE

(In original currency) Original Amount Committed

Type of Credit Facility (e.g., supplier's credit, subordinated loan, note/bond issue, etc.

Creditor Name & Address (with percentage of

Creditor Type (e.g. Bank & Financial ownership/interest in the borrower, if any)

Institution, Foreign Supplier, Parent Company, Affiliate, Shareholder, Multilateral, Bilateral)

Currency of Repayment

Guarantor Name (with loan amount/percent

guaranteed) : Local guarantor Foreign guarantor

Project/Purpose

Original Maturity and Grace Period; Drawdown and Amortization Schedules (Please fill up Annex E.4)

Interest Rate (In percent) Fixed

:Floating (Please show spread & base

rate separately) Frequency of Payment (Annual, semi-annual, quarterly, etc.)

Penalty/Default Rate (In percent)

Fees/Costs (Rate & basis for computation)

Front-end - Commitment

Others(Please specify nature) .

Date of covering Loan Agreement

IOD Form 01-001-01B* Version _* Updated <Effectivity of covering circular>

"Attachment 8"

ANNEX N

(As amended by Circular No. 818 dated 06 November 2013) Page 1 of 3

COMPUTATION SHEET

Name of FX Selling Bank: Date of FX Sale:

INVESTMENTS TYPE OF OUTWARD REMITTANCE FOR BSP-REGISTERED FOREIGN DIRECT

Cash Dividends Profits/Earnings Capital

Investee Firm:

Investor:

I FOR PROFITS/EARNINGS I FOR CASH DIVIDENDS

Record Date: (CCYYMMDD)

Dividends Payment Date: (CCYYMMDD) Total Amount in PHP (A): No. of shares (B):

Amount of Profits/Earnings due to the Investor: Rate per share in PHP (A/B):

BSRD No. No. of Shares? Registered and Outstanding (C) Dividend Rate (D) Total Dividends Due to Investor (E=C x D) (In PHP)

I Gross Peso Amount Remittable (E)

Net Peso Amount Remittable Less: Taxes/Charges

Divided by: FX Rate3 Equals: Foreign Exchange Remittable

USD Equiv. (in orig. currency)

1 Refers to shares issued and outstanding as of record date 3 PHP/1.00 FCY (to be supplied by FX selling bank) 2 Out of total number of shares issued and outstanding as of record date (in footnote 1)

"Attachment 8"

(As amended by Circular No. 818 dated 06 November 2013) ANNEX N Page 2 of 3

BSRD No. Total Amount/ No. of Shares Registereds Outstanding Balance Repatriations Before This Shares Applied for Amount/No. of Repatriation

A. Total No. of Shares/Amount for Remittance

B.Selling Price/Share (if applicable) C.Gross Peso Amount Remittable (A x B)

D. Less: Taxes/Charges E. Net Peso Amount Remittable

Divided by: FX Rate3 Equals: Foreign Exchange Remittable (in orig.currency)

USD Equiv. (if remittance is in third currency)

Prepared by:

Signature over Printed Name of Applicant's Authorized Representative

Company Affiliation of Investor's Authorized Representative

Date

Verified as Correct:

Authorized Officer of FX Selling Bank Signature over Printed Name of Date

5 Refers to number of shares (for stock corporations) or amount (e.g., assigned capital, contributed 6 PHP/1.00 FCY capital)

"Attachment 8"

(As amended by Circular No. 818 dated 06 November 2013) ANNEX N Page 3 of 3

Verified as Correct:

Authorized Officer of FX Selling Bank Signature over Printed Name of Date

"Attachment 9"

(Pursuant to Circular No. 794 dated 18 April 2013 and as amended by Circular No. 818 dated 06 November 2013) ANNEX W Page 1 of 3

BANGKO SENTRAL NG PILIPINAS

INTERNATIONAL OPERATIONS DEPARTMENT

Application for Registration of Inward Foreign Direct Investments (FDIs) Date:

A.Investee Firm

8. Tel. No.: 2. Address: 4.E-mail/website 6. SEC Certificate of Registration No.: 5. Nature of Business: 7. Contact person: 9. Fax No.: 1. Name: 3. Tel. No.: Designation/Position: or Bureau of Trade Regulation and Consumer Protection (BTRCP) No.: Fax No.: Mobile No.: Email:

B. Foreign Investor

1. Name: 2. Address:

8. Tel. No.: 9. Fax No.: 4. Tel. No.: 6. Local Representative (if other than investee firm): 3. Nationality: 5. E-mail: 7. Address: Mobile No.: E-mail: Website: Fax No.:

C. Investment Type/Funding:

Cash In Kind Conversion to equity of foreign loan/other payables to non-resident

Investment in financial institutions which are governed and regulated by BSP Condominium Units Shares of Stock (indicate number of shares) j Subscription Stock Dividends Reverse Stock Spilt Stock splits

Property Dividends (Please specify)

Cash Dividends (PHP 1 Others

Please submit letter authority or other proof of authorization from the foreign investor or investee firm, as applicable. IOD Form 03-002-01* Version*Updated<Effectivity of covering circular>

"Attachment 9"

ANNEX W

(Pursuant to Circular No. 794 dated 18 April 2013 and as amended by Circular No. 818 dated 06 November 2013) Page 2 of 3

D. Have you ever applied for registration of a foreign investment withthe

BSP? please indicate date of latest BSP letter: If yes, please indicate BSRD No. If no BSRD was issued,

E. Supporting Documents

1.Cash Investments

Original certificate of inward remittance (CIR) of foreign exchange (FX) issued by an AAB in the prescribed format (Appendix 10.1);

Note: Conversion to pesos of the FX funding the foreign investment is not required for registration of foreign direct investments

Sworn certification of the investee firm's authorized officer attesting to the number of shares and amount Appendix 10.3B (for Branches/Representative Offices/Regional Headquarters/Regional Operating paid for the investment [Suggested format is shown in Appendix 10.3A (for Stock Corporations) and Headquarters)]; and

For investee firms that are corporations/partnerships: Photocopy of the Certificate of Registration with the Philippine Securities and Exchange Commission (SEC), Articles of Incorporation/Partnership and amendments thereto (if any), together with latest General Information Sheet stamped received by SEC, if any

For investee firms that are sole proprietorships: Photocopy of Registration Certification from DTI

2. Investments in kind

Bureau of Customs Import Entry and Internal Revenue Declaration (IEIRD); and Sworn certification of the investee firm's authorized officer attesting to the number of shares and amount Shipping documents; Appendix 10.3B (for Branches/Representative Offices/Regional Headquarters/Regional Operating paid for the investment [Suggested format is shown in Appendix 10.3A Headquarters)] (for Stock Corporations) and

3. Investments in financial institutions which are governed/and regulated by BSP

Clearance from the Supervision and Examination Sector of the BSP shall be required in addition to the documentary requirements for investments in cash or in kind.

4. Investment in Condominium Unit/s

Original CIR of FX Condominium Certificate of Title in the name of the foreign investor, or Deed of Absolute Sale/Contract to Certification from the owner/developer/administrator/property manager of the condominium attesting to compliance with the foreign ownership limitation under existing Philippine laws. Sell of condominium unit to the foreign investor;

5. Capitalized oil, gas, and geothermal energy exploration/development expenditures

Government-approved service contract/other contract; and

IOD Form 03-002-01* Version _-* Updated <Effectivity of covering circular>

"Attachment 9"

ANNEX W (Pursuant to Circular No. 794 dated 18 April 2013 and as amended by Circular No. 818 dated 06 November 2013) Page 3 of 3

Copy of the Department of Energy (DOE)/National Power Corporation (NPC) letter-validation of expenditures showing, among others, the distribution of validated expenditures among the partners under the service contract/other contract.

6. Investments funded by foreign loan/payable to a non-resident converted to equity

Copy of BSP registration document for foreign loans with the BSP or original CIR of FX issued by an AAB in Articles of incorporation of the investee firm. 0 0 0 Sworn certification of the investee firm's authorized officer attesting to the number of shares and amount Latest audited financial statements of investee firm; and Deed of Assignment of foreign loan or other payables; paid for the investment and that such are funded from foreign loans/payables converted into equity; the prescribed format (Appendix 10.1) for foreign loans/payables not registered with the BSP;

7. Stock and/or property dividends accruing on BSP-registered investments in non-PSE-listed firms

Copy of Bangko Sentral Registration Document (BSRD); and 0 Sworn certification signed by the investee firm's authorized officer on the declaration of the stock and/or property dividend, to include relevant excerpts of the covering: (i) Stockholders and Board Resolutions for stock dividends; and (ii) Board Resolution for property dividends

8. Stock splits/reverse stock splits on BSP-registered investments in non-PSE-listed firms

Copy of BSRD; and Sworn certification signed by the investee firm's authorized officer implementing the stock split/reverse stock split, to include relevant excerpts of the covering Stockholders and Board Resolutions

Signature of Applicant over Printed Name

Company Name

Affiliation to Foreign Investor/Investee

IOD Form 03-002-01* Version __* Updated <Effectivity of covering circular>

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同类文件 BSP Circulars

Amendments to Circular Nos. 360 and 466 on the Capital/ Accounting Treatment of Certain Financial Instruments(BSP Circular No. 506)
Personal Management Trust(BSP Circular No. 920)
Guidelines in Strengthening Corporate Governance and Risk Management Practices on Trust, Other Fiduciary Business, and Investment Management Activities(BSP Circular No. 766)
Amendments to Section X262.3 of the Manual of Regulations for Banks(BSP Circular No. 336)
Exclusion of Debt Securities Held by Market Makers from the Single Borrowers Limit (SBL)(BSP Circular No. 1091)
Revised Compliance Framework for Quasi-Banks (QBs)(BSP Circular No. 893)
Implementing guidelines governing the new rediscount window(BSP Circular No. 250)
To allow rural banks availing of the conversion scheme under Section 8 of R.A. No. 7353 to pay the accrued interest on arrearages in equal monthly installment for fifteen (15) years(BSP Circular No. 14)

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