Circular on Public and/or Publicly-Guaranteed Foreign Loan Agreement and Other Agreements which Give Rise to a Foreign/Foreign Currency Obligation of the Public Sector

BANoKo SENTRAL No PITIpINls OFFICE OF THE GOVERNOR ctRcutAR NO. eoe Series ol2Ot6 subject: circular on public and/or publicly€uaranteed Foreign Loan Agreement and Other Agreements which Give Rise to a Foreign/Foreign currency obrigation of the Public Sector The Monetary Board in its Resolution No. 381 dated 3 March 201G approved the amendment/revision to circular No. 618 dated 14 July 1g7g and Annex D.2 oI the Manual of Regulations on Foreign Exchange Transactions, as amended. section 1. Circular No. 518 dated 14 July 1978 shall be amended to read as follows: "Effective immediately, no public andlor publicly-guaranteed foreign loan, deferred payment or any other agreements which give rise to a foreignlforeign currency obligation or liability of the publtc seaor (whether primarily or subsidiarily), including promissory notes or guarantees issued in connection therewith submitted to the Bangko Sentral ng pilipinas for approval and/or registration under the provisions of pertinentiaws, circulars, rules and regulations shall be approved and/or registered if the covering agreements/documents are notarized or otherwise evidenced by a public instrument." Section 2. Annex D.2 of the Manual of Regulations on Foreign Exchange Transactions, as amended, shall be further amended to read as follows: "3. Additional Documents Required for Appticotions for Registration copy of signed loan/credit agreement and other related documents (guarantee/surety agreement, fee letters, final offering circular, underwriting and paying agency agreement, subscription agreement, promissory notes, etc.) For private sector accounts that are publicly-guaranteed, the covering foreign loan agreement, deferred payment or any other agreements which give rise to a foreignforeign currencY obligation or liability of the public sector (whether Oireaty or indirectly, including promissory notes or guarantees issued in connection therewith) submitted to the BSp for approval and/or registration under the provisions of pertinent laws, BSp circulars, rufes and regulations must not be notarized.,,

,il Section 3. Repealing Clause. The provisions of Circular No. G18 dated 14 July 1978 and Annex D.2 of the Manual of Regulations on Foreign Exchange Transactions, as amended are hereby repealed. Section 4. Effectivity. This Circular shall take effect fifteen (15) calendar days following its publication in the Official Gazette or in a newspaper of general circulation in the Philippines. FOR THE MONETARY BOARD: VnAp AMAND/ M. TETANGCO, JR. ,/ Governor 30 uarch z0rs