To reduce the amount of Forex which authorized agent banks may sell to residents for any non-trade purpose

CIRCULAR NO. 287 Series of 2001

Pursuant to Monetary Board Resolution No. 1174 dated July 26, 2001, Section 2 of BSP Circular No. 1389, is further amended so as to reduce the amount of foreign exchange (Forex) which authorized agent banks (AABs) may sell to residents for any non-trade purpose without the need of appropriate documentation from up to US$10,000.00 to up to US$5,000.00.  The sale of foreign exchange of US$5,000.00 to a particular resident shall not be effected more than one every fifteen (15) day period. This limit shall be applied on a consolidated basis for the bank, its subsidiaries/affiliates including Forex corporations.

For sales of Forex exceeding US$5,000.00, the AAB shall require a written notarized application and supporting documents from their purchaser.

This Circular shall take effect immediately.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor

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