BSP amends foreign exchange rules - BusinessWorld Online bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Published December 14, 2020, 6:00 AM
In response to the current global and local economic and financial conditions, the Bangko Sentral ng Pilipinas (BSP) is amending its foreign exchange (FX) regulation to further streamline the reporting and documentary requirements for FX and trade transactions and the registration of foreign loans and investments by both public and private borrowers.
The proposed changes to FX regulation will be the BSP’s 12th round of reforms done on its FX policies since 2007.
The latest version, which will be circulated among banks and FX players for comments and suggestions, involve FX transactions that support business activities as the country battles its way out of the economic slump brought on by the global COVID-19 pandemic.