Guidelines covering sale of foreign exchange for trade transactions

Bangko Sentral ng P A binas

CIRCULAR-LETTER Series of 2004

TO ALL UNIVERSAL AND COMMERCIAL BANKS

Items I.b, I.c.1.1.2 and II.a of BSP Circular-Letter dated 24 January 2002 which provides guidelines covering sale of foreign exchange for trade transactions, are hereby amended to read as follows: Pursuant to Monetary Board Resolution No. 177 dated 12 February 2004.

Item I.b

b. the stamping bank together with the photocopied shipping documents and be made available for BSP verification. " "All original shipping documents (Bill of Lading (BL) or Airway Bill (AWB) and Invoice] shall be stamped by the IMPORTATION (i.e. LC, DA, or DP), whether FX has been sold or not. Authorized bank officers shall accomplish a duly notarized certification that original documents were presented and duly stamped. This certification shall be maintained by booking/issuing bank with the BANK'S NAME AND MODE OF

Item I.c.I.I.2

1.2 individual FX selling bank/s) indicating the following: nCertification from the issuing/booking bank (addressed to

E Amount of the outstanding FX trade obligations;

iit t Bank Reference Number for DA. Amount of FX intended to be purchased; and

bank 's authorized signatory. The certification shall be duly notarized and signed by the

Item II.a

Importations under Direct Remittance (DR) or Open Account Arrangement (OA):

C Importer-client shall present to his remitting/registering

bank all the original copies of the shipping documents fo.

MAG-IMPOK SA BANGKO MAYNILA, PILIPINAS 1004 . Tel No. 524-70-11 trunkline : URL: www.bsp.gov.ph : e-mail: [email protected]

2

stamping ofBANK'SNAMEANDMODE OF IMPORTATION (i.e., DR or OA). Authorized bank

In case any one of the original BLs/AWBs cannot be stamped. All original shipping documents [including at original/carbonized copy of AWBs] shall be accounted for. that original documents were presented and duly least three (3) original BLs or one of the presented for stamping of Bank's name, the importer client officers shall accomplish a duly notarized certification

shall present to his remitting/registering bank --

I A notarized certification from the Bureau of Customs

release of cargo, and (BOC) and/or the shipping/airline compamy that an original BL has been retained by them to process

2 Notarized certification as in Item I.c. I. 1.3 above.

publication in the Official Gazette or in a newspaper of general circulation. This Circular-Letter shall take effect after fifteen (15) days following its

ALBERTO V. KEYES Officer-in-Charge

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