Monthly report on sales of foreign exchange of outward investments

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OFFICE OF THE DEPUTY GOVERNOR Monetary Stability Sector

CIRCULAR-LETTER NO. CL-2008- 004

To All Authorized Agent Banks (AABs)

Subject : Monthly report on sales exchange for outward investments offoreign

required to submit a monthly report on their sales of foreign exchange to residents for outward investments regardless of the amount involved, using the attached format*. In line with Circular No. 590 dated 27 December 2007, all AABs are

deposit. Part l shall cover foreign exchange sales pertaining to outward three (3) banking days from receipt in the Philippines} the dividends/earnings or divestment proceeds from outward investments funded by foreign outward portfolio investments such as foreign issued bonds, bills and notes, foreign listed stocks, money market instruments and negotiable certificates of direct investments. Together with the said report, said AABs shall also submit copies of the resident investor's written undertaking to inwardly remit (within 15 banking days from date of receipt) and sell for pesos thru AABs (within] exchange purchased from AABs. Part I of the report shall cover foreign exchange sales pertaining to

Violation of this Circular-Letter shall be subject to penalty provisions under R. A. No. 7653 (The New Central Bank Act) and other existing banking laws remitting bank to the Bangko Sentral ng Pilipinas (BsP)-International Department within five (5) banking days after the end of reference month. and regulations. The report shall be submitted by the foreign exchange selling and

investor's applicable maximum limit of foreign exchange purchases from AABs for outward investment without prior BSP approval is not breached. The foreign exchange selling and remitting bank shall see to it that the

amended. All BSP issuances inconsistent with this Circular-Letter are deemed

For reports covering more than fifty (50) transactions, a soft copy in diskette using Microsoft Excel format shall be submitted together with the hard copy of the report.

PANANALAPING MAtAtAg BANSANG PANAtAG 1- A. Mabini St., Malate 1004, Manita, Philippines Trunkline (632) 524-70-11 URL:www.bsp.gov.ph e-mail: [email protected] D c

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This Circular-Letter shall take effect upon effectivity of Circular No. 590 dated 27 December 2007, i.e., 21 January 2008

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DIWA C. GUNGUNDO Deputy Governor

j January 2008

Att.: A/S

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