Sale of Foreign Exchange (FX) for OA Importation by Banks other than the Registering Bank

N

Manila

OFFICEO 22 fe rnor CHRCULAR-LETTER Series of 2003

T O: ALL UNIVERSAL AND COMMERCIAL BANKS

SUBJECT: Sale of Foreign Exchange (FX) for OA Importations by Banks Other than the Registering Bank

importation, may remit said FX directly to the foreign supplier, even if such FX selling bank is not the bank that applied for the BSp registration of the OA A bank selling FX to an importer for payment of an Open Account (OA)

importation (the registering bank), subject to the foliowing conditions:

a Submission of the required documents under Item II.a of Circular-Letter dated January 24, 2002 and copy of the BSP registration letter for the OA officer with a rank of at least Assistant Vice President: importation certified as true copy by the registering bank's authorized

b. Submission of certification from the registering bank that no foreign exchange sale has been made on the subject OA importation duly signed

by the registering bank's authorized officer with a rank of at least Assistant Vice President;

c. The FX selling and remitting bank shall stamp "FX SOLD" on the original shipping documents at hand and indicate thereon the amount of FX sold. The stamped information shall be duly signed by the FX selling and remitting bank's authorized signatory with a rank of at least Assistant Vice President, and

d. The FX selling and remitting bank shall, within 24 hours from sale of FX. stamped "FX SOLD" under a covering letter advising of such sale and transmit to the registering bank a copy of the shipping documents simultaneous outward remittance to foreign supplier.

and other provisions of BSP issuances inconsistent herewith. This amends Items II.b.2 and II.d of BSP Circular-Letter dated January 24, 2002

This Circular-Letter shall take effect immediately

RAFAEL B. BUENAVENTURA

Governor June 2003