The Bangko Sentral ng Pilipinas on Friday said it further liberalized the foreign exchange regulations in which certain transactions will no longer require prior approval from the regulator.
Bangko Sentral Deputy Governor Diwa Guinigundo said in a statement the rules covered the conversion of foreign currency loans granted by banks to peso loans and the transfer of such loans and the real and other properties acquired from banks’ foreign currency deposit unit books to the regular banking unit books.
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“These transactions no longer require prior BSP approval under certain conditions which seek to ensure that banks fully understand the nature and extent of the risks involved… ,” Guinigundo said in a statement.
