The Bangko Sentral ng Pilipinas (BSP) approved new foreign exchange (FX) liberalization measures aimed at making it easier for the public to buy and sell foreign currencies, Manila Bulletin reports. Allowing private borrowers with unregistered foreign loans to buy dollars from banks within a three-month period ending February and lifting requirements to inwardly remit proceeds from dividends, earnings or divestment from outward investments funded by forex bought from authorized banks or forex units are some of the measures.
The list of non-trade current account transactions which do not require regulatory approval for forex purchase has been expanded by the central bank under the revised rules. Banks and their forex units can sell FX for advance payment of imports without prior BSP approval, but subject to standard documentary requirements, under the new rules.
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