QuestionsQuestions (BSP MEMORANDUM)
It removes the listed firm/persons from the watchlist restrictions tied to MAAB No. 01, thereby restoring their eligibility for specified BSP-related transactions and processes, subject to compliance with other applicable Central Bank rules.
Cherokee Apparel Corporation; Enrique K. Razon, Jr.; and Abelardo G. Teodoro.
The deletion is effective immediately upon the adoption of the memorandum (adopted 23 July 1992), as stated: “Effective immediately.”
EDs/EPs and applications for purchase of foreign exchange filed by the deleted firm/persons may be given due course by authorized agent banks without referral to the Central Bank, provided they comply with all other Central Bank rules.
The applications/EDs/EPs must comply with all other Central Bank rules.
It removes the requirement for agent bank submission/referral to the Central Bank for the listed firm/persons, streamlining approvals as long as other BSP regulations are complied with.
The use by the deleted firm/persons of the Central Bank rediscounting facility is restored.
The foreign currency loan facility under Circular No. 1317 dated December 11, 1991 is restored.
The July 23, 1992 BSP Memorandum amends MAAB No. 01 by changing the watchlist entries—specifically deleting the listed firm/persons from it.
No. The memorandum allows processing without referral only if the application/ED/EP complies with all other Central Bank rules.
No. It restores specific privileges (no referral for EDs/EPs and FX applications, rediscounting facility, and foreign currency loan facility) but explicitly conditions this on compliance with all other Central Bank rules.
It was signed by (SGD.) GABRIEL C. SINGSON, Senior Deputy Governor.
A watchlist functions as a control mechanism that triggers additional approval/referral requirements and/or restriction of certain BSP-linked facilities; deletion removes those watchlist-imposed limitations.
The memorandum’s “no referral” permission applies only to the entities/persons deleted. Other watchlisted entities would still be subject to the watchlist referral/restriction rules under MAAB No. 01 or related issuances.