Clarification on purchases of foreign exchange to residents for non-trade purposes under Section 2 of Circular No. 1389, as amended

ma

INTERNATIONAL DEPARTMENT

CIRCULAR-LETTER NO. CL-2007- 014

To All Authorized Agent Banks, Non-Bank BSP-Supervised Entities, their SubsidiarylAffiliate Forex Corporations, and Alf Concerned

Subject : for non-trade purposes under Section 2 of Circular No. 1389, Ciarification on purchases of foreign exchange to residents

as amended

November 1993 and 28 April 2004 that the authority to purchase foreign regardiess of amount, for payment of non-trade foreign exchange obligations we reiterate earlier clarifications made under Bsp Circular-Letters dated 8 exchange for non-trade purposes under Section 2 of Circular No. 1389, as amended, does not include purchases of foreign exchange for direct credit or deposit in a foreign currency deposit unit account. Please be advised that for sale of foreign exchange to residents

Please be guided accordingly.

ARMANDO L. SURATOS Officer-In-Charge

tpril 2007

PANANALAPING MATATAG, BANSANG PANATAG

A. Mabini St.. Malate 1004. Manila. Phillippines Trunkline (632) 524-70-11 URL:www.bsp.gov.ph e-maii: bspmail:bsp.gov.ph