Question & AnswerQ&A (BSP CIRCULAR LETTER NO. CL-2011-083)
A Bangko Sentral Registration Document (BSRD) is an official document issued by the Bangko Sentral ng Pilipinas that registers foreign investments made in the Philippines, serving as proof of the investment for foreign exchange and regulatory purposes.
BSP Circular Letter No. CL-2011-083 addresses the reporting and replacement procedures for lost Bangko Sentral Registration Documents (BSRDs) related to foreign investments.
If a BSRD is reported lost, an application for its replacement should be made, and the lost BSRD should not be honored if found or presented for transactions involving foreign exchange repatriation pursuant to relevant regulations.
Section 40 outlines the rules on the presentation and honor of BSRDs for purchase of foreign exchange for repatriation of principal, capital, interest, or earnings, and the circular underscores that lost BSRDs should not be honored under these provisions until properly replaced.
No, a lost BSRD reported under BSP Circular Letter No. CL-2011-083 should not be honored if found or presented for purchase of foreign exchange until it has been properly replaced.
The lost BSRD involves the foreign investment of AIG Asian Opportunity Fund L.P., Cayman Islands, in Series B Convertible Notes issued by Rustan Supercenters, Inc.
The registration date on the BSRD, which in this case is March 9, 2005, marks the official registration of the foreign investment; this is important for compliance, tracking, and validation of the investment for regulatory purposes.
The Managing Director, as indicated by the signed circular, is the authorized official responsible for issuing official BSP communications, including notices about lost BSRDs and instructions for their replacement.
The procedural step is to apply for a replacement of the lost BSRD and inform relevant parties that the lost document should not be accepted for foreign exchange transactions until replaced.