Saturday, 7 August 2010

PHILIPPINES: BSP eases FX policy restrictions; banks may engage in ‘constructive remittances’

The Bangko Sentral ng Pilipinas (BSP) has further liberalized foreign exchange (FX) policy restrictions by allowing banks to engage in so-called “constructive remittances” to encourage more outward investments.

Based on documents, the BSP’s policy-making body the Monetary Board issued Circular No. 692 relaxing the approval conditions for banks wanting to establish or acquire subsidiaries or affiliates abroad. BSP Deputy Governor Nestor A. Espenilla Jr. signed the documents, which allowed dividends to be reinvested with foreign correspondent banks based overseas. Read more

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