Question & AnswerQ&A (BSP CIRCULAR NO. 815)
Peso deposit accounts of non-residents may only be funded by inward remittances of convertible foreign exchange; peso income or sales proceeds from properties allowed to be owned by non-residents; onshore peso receipts from residents for services rendered; peso receipts of expatriates working under short contracts; peso funds of foreign students and non-resident Filipinos; and peso proceeds from the onshore sale of PSE-listed equity securities by non-resident issuers.
Yes, depository AABs may sell foreign exchange of up to USD60,000 per day to non-residents for peso deposits funded by certain permitted sources (items 1b to 1e) without prior BSP approval, subject to the submission of a duly accomplished application in the prescribed format.
Departing non-resident tourists or balikbayans may reconvert up to a maximum of USD10,000 or its equivalent in other foreign currencies based on prevailing exchange rates without showing proof of previous sale of foreign exchange for pesos.
Such non-resident investments must be registered with the investor's designated custodian bank, which may be an AAB or Offshore Banking Unit (OBU), acting on behalf of the BSP.
A custodian bank holds shares and investment instruments on behalf of a foreign investor, represents the investor in all actions concerning their investments in the Philippines, and registers inward foreign investments with the BSP.
Minimum documentary requirements are outlined in Appendix 1 and 1.1, which include various proofs depending on the type of transaction, identity verifications, BSP authorizations, and application forms mandated by the BSP.
The Circular took effect 15 calendar days after its publication in the Official Gazette or a newspaper of general circulation and it supersedes or modifies inconsistent provisions of existing circulars, memoranda, and regulations related to foreign exchange transactions.