Purchases/Sales of Foreign Exchange

CIRCULAR LETTER Series of 2000

TO:  ALL UNIVERSAL AND COMMERCIAL BANKS

Pursuant   to Sec. 80 of R.A. 7653, and for purposes of monitoring/correct record keeping, banks with FOREX Corporations as subsidiaries/affiliates  shall  make  available  at all  times a (hard and soft) listing  on a daily  basis  of  the names of counterparties  and  other details in the attached format, for purchases/sales of foreign exchange.

For purchases/sales  of  foreign  exchange of  $250,000  and   above, the   purpose thereof  shall  be  indicated.    A penalty of P30,000 per day (until complied)  shall  be  imposed  for  failure to provide such listing to the BSP   when    requested.   Cancellation or   withdrawal  of   FCDU authority shall  be imposed on banks whose affiliated FOREX Corporations shall continue to refuse to submit such listings as/and when requested.

This Circular-Letter shall  take effect   immediately  except   for   the first paragraph which shall cover transactions starting May 2, 2000.

RAFAEL B. BUENAVENTURA Governor