Transfer of "Undivided Profits - FCDU/EFCDU" to the "Surplus Free" account in the Regular books of the Bank Proper

a

OFFICE OF tHE GOVERNOr

CIRCULAR LETTER (Series of 2003)

To: ALL. BANKS WITH FOREIGN CURRENCY DEPOSIT UNITS (FCDUs) EXPANDED FOREIGN CURRENCY DEPOSIT UNITS (EFCDUs)

to amend the provisions of Circular Letter dated September 1 7, 1992 as foliows - The Monetary Board, in its Resolution No. 1430 dated October 2, 2003 decided

as amended, the transfer of the "Undivided Profits -- FCDU/EFCDU" to the "Surplus- the transfer of Undivided Profits (positive or negative) to the Regular books. The transfer of EFCDU/FCDU profits shall be accompanied by a corresponding transfer of eligibie EFCDU/FCDU assets to the Regular books in the form of: Provided, that the EFCDU/FCDU shali fully provide for its ciassified accounts prior to Free" account in the Regular books of the Bank Proper shall pertain to both EFCDU/FCDU profits or EFCDU/FCDU toss (positive or negative Undivided Profits) It is hereby clarified that in accordance with Circular No 108 dated May 9, 1996

b. C. a D Foreign currency deposits with foreign banks: Foreign currency deposits with resident OBUs and other EFCDUs investment in Bonds and Other Debt instruments - Foreign, except Philippine debt papers which were restructured during the period of Foreign currency deposits with the Bangko Sentral; except deposits with FCDU; and moratoriurm in the payment of external debt.

transfer from Regular books to the EFCDU/FCDU of the above-mentioned eligibie foreign currency assets. The transfer of EFCDU/FCDU loss shall be accompanied by a corresponding

the case of EFCDU/FCDU ioss, transfer to RBU of said Ioss shall be made end of the calendar year or fiscal year adopted by the bank: Provided, further, that in immediately. the Bank Proper shall be on a periodic basis: Provided, that in the case of EFCDU/ FCDU profits, transfer shall be made at the end of the accounting period, i.e., at the The frequency of transfer of EFCDU/FCDU profits/loss to the Regular books of

This Circular Letter shall take effect immediately.

ARMANDO L.. SURATOS Officer-in-Charge

2003

MAG-IMPOK SA BANGKO

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

BSP Circular-Letter Attachment to Dated October 28, 2003

FOREIGN CURRENCY DECLARATION FORM

(Actual Size)

BSP-IOD Form 1-02 (Revised October 2 Name in Full of Deciarant (For transport of foreign currency in excess of US$10,000 FOREIGN CURRENCY DECLARATION Bangko Sentral ng Pilipinas Or its equivalent) Address Instructions: Fill-up the Foreign Currency Declaration Form in triplicate. Distribution of copies is as follows: a b Duplicate -- Bureau of Customs (BOC) Original -- Anti-Money Laundering Council (AMLC)

C. Triplicate -- Declarant

"Flight No. Passport No. & Nationality Bill of Lading No. & Date Date of Arrival/Departure The Original shall be submitted to the BOC which shall in turn submit to the AMLC all such Original Forms received each month within ten (10) days after end of such month.

Other Currency/ies (Specify) US Dollar Currency Amount Fill-up "Passport No.", "Date of Arrival/Departure" & incoming passenger, check "Incoming" and currency/ies only & check appropriate boxes e.g., for carried" boxes. Flight No." for declaranthaving hand-carried "Hand-

Purpose/s of the transport of the foreign currency/ics: Source/s of foreign currency/ies: 3 Fili-up "Bill of Lading and Date" for exported/imported check "Outgoing" and "Unaccompanied" boxes. currency only & check appropriate boxes e.g., for exports,

See instructions at the back T hereby declare that the transport is (ch Incoming Hand-carried/ accompanied Date Outgoing Unaccompanied (with bill of lading) Signature of Declarant appropriate boxes): A BSP Circuiar No. 308, as amended by Circular No. 314 requires, effeciive February 1, 2002, any person who other pertinent iaws and regulations brings into or out of the Philippines foreign currency in excess of US$10,000 or its equivalent to declare the same in writing and to furnish information on the source and purpose of the transport of such currency. Any violation of Republic Act No. 7653, without prejudice to the application of remedies and sanctions provided for under shall be subject to the sanctions provided for in Section 36

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