To further strengthen guidelines covering sale of foreign exchange for trade transactions relative to BSP Circular-Letter dated 24 January 2002

T inas

CIRCULAR-LETTER

Series of 2004

TO: ALL AUTHORIZED AGENT BANKS, NON-BANK

BSP-SUPERVISED ENTITIES (NBBSES) AND THEIR SUBSIDIARY/AFFHLIATE FOREX CORPORATIONS

and 484 dated 5 April 2004, and to further strengthen guidelines covering sale 24 January 2002, sale of foreign exchange for trade purposes which are being of foreign exchange for trade transactions relative to BSP Circular-Letter dated credited to FCDU deposit accounts are required to be remitted within three (3) days from the date of credit provided the depositors shall be required to execute Pursuant to Monetary Board Resolution Nos. 177 dated 12 February 2004

deposits to enable BSP to validate the authenticity of the credits and eventual a waiver of the requirements of Republic Act No. 1405 on the secrecy of

remittance.

for direct credit or deposit in a foreign currency deposit unit account. The same Section 2 of Circular No. 1389 does not include purchases of foreign exchange is absolutely prohibited. that the authority to purchase foreign exchange for non-trade purposes under earlier clarification made under BSP Circular-Letter dated 8 November 1993 For sale of foreign exchange for non-trade purposes, we reiterate an

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

ALBERT Officer-in-Charge REYES

Y April, 2004

MAG-IMPOK SA BANGKO

MAYNILA, PILIPINAS 1004 . Tel No. 524-70-11 trunkline : URL: www.bsp.gov.ph : e-mail: bspmail@Usp/gov.ph