THE Monetary Board, the policy-setting body of Bangko Sentral ng Pilipinas, approved a one-year grace period for registration of foreign direct investments.
“This will cover all FDIs that are existing and already recorded in the books of the investee firm, regardless of the date when funding for the investment was made via inward remittance of foreign exchange (FX) or transfer of assets to the Philippines,” Bangko Sentral Governor Amando Tetangco Jr. said in a statement Friday.
“The new measure is part of the BSP’s continuing efforts to facilitate the use of FX resources of the banking system for legitimate purposes, including outward remittance in the FX equivalent of peso divestment proceeds from, and income on, registered FDIs,” he said.
The Monetary Board in 2013 approved the adoption of a one-year prescriptive period within which applications for FDI registration must be filed with Bangko Sentral.