The Bangko Sentral ng Pilipinas (BSP) said over the weekend it streamlined the process for registering certain foreign investments to make it easier for authorized agent banks (AABs) to access foreign currency and support economic growth.
“The Monetary Board has approved the amendments to FX [foreign exchange] regulations covering foreign investments in line with [its] commitment to further facilitate access to FX resources of authorized agent banks or their subsidiary/affiliate FX corporations for legitimate transactions and streamline documentary requirements, procedures and reporting,” the BSP said.
“This is part of the continuing efforts of the BSP to review the FX regulatory framework and support the country’s thrust to promote a policy environment conducive to sustained inflow of investments to help foster economic development and growth,” it said.
The major amendments include allowing foreign investments to be registered upon reporting by the bank to the BSP. The BSP also streamlines the reporting forms/procedures on these investments.
“A transitory period until Sept. 30, 2024 will be provided to allow registering authorized agent banks to make the necessary preparations and adjustments to their systems and processes to ensure compliance with the new reporting guidelines,” the BSP said.
It said the implementing circular would take effect 15 banking days after publication.
