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Friday, March 1, 2024

More liberal forex rules seen

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BANGKO Sentral ng Pilipinas Governor Nestor Espenilla Jr. expressed optimism the latest wave of foreign exchange liberalization will be rolled out soon before the close of the year.

At the sidelines of an event in Makati City on Wednesday, Espenilla said the latest foreign exchange liberalization, which could help address increasing financial requirements of the growing economy, was “being drafted right now.”

“I hope to see that before the end of the year,” Espenilla said, adding the liberalization would include the registration of foreign direct investments. “Our target is to relax the registration requirements… Basically, what we want to do is to do away with the registration process as a necessity to be able to access FX from the financial system,” he said.

He said Bangko Sentral wanted transactions to be reported to the regulator but not as a screening mechanism of what should come in or out. 

“We are reforming the system such that if it’s possible, to do an electronic report, so you don’t have to even submit documents to the BSP. We’re going to do that not just for inward investments but also for foreign borrowings by private sector,” he said.

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