MANILA - The Bangko Sentral ng Pilipinas (BSP) further eased foreign exchange rules amid efforts to liberalize the entry of more foreign banks in the country, BSP Governor Amando Tetangco Jr. said.
The approved policy changes include the inclusion of an express provision on funding for permanently assigned capital of foreign bank branches that should be inwardly remitted and converted to pesos at the exchange rate at the time of remittance, Tetangco said.
The amendments to the Manual of Rules on Foreign Exchange Transactions were approved to align the same with the provisions of Republic Act 10641 or an Act Allowing the Full Entry of Foreign Banks in the Philippines.
The central bank has also been adopting measures to ease foreign exchange and documentary requirements on sending money overseas in a bid to lure depositors back to banks.
Philippine residents were earlier allowed to purchase up to $500,000 in foreign exchange “without supporting documentation,” four times than the original $120,000 cap. [$500,000: https://news.abs-cbn.com/business/08/15/16/forex-purchases-by-ph-residents-made-easier]
Travelers were also allowed to deposit foreign exchange purchased from banks for their use abroad in their foreign currency deposit unit accounts.