Offshore issuances of Peso-denominated Bonds/Notes
BaNGKO SentraL NG PilIPINAS
OFFICE OF THE DEPUTY GOVERNOR
MONETARY STABILITY SECTOR
CIRCULAR LETTER NO. CL-2011-14
TO : All Concerned
Subject Offshore issuances of Peso-denominated Bonds/Notes
It is hereby clarified that Section 31.2 of the Manual of Reguiations on Foreign Exchange Transactions (FX Manual) covers all offshore issuances by residents of peso-denominated bonds/notes and similar instruments, whether to be settled in pesos or foreign currency and thus, require BSP approval (regardless of the source of foreign exchange for servicing of the obligations) prior to launching/signing of agreements/receipt of proceeds.
For information and compliance.
DIWA C/GUINIGUNDO
Deputy Governor
3_ March 2011
A. Mabini St., Malate 1004 Manila, Philippines es * (632) 524-7011 - www.bsp.gov.ph * [email protected]
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