BSP CIRCULAR NO. 1342 S. 1992

: BSP Circular No. 1342 revokes Circular No. 1164, Series of 1987 and the Circular Letter dated January 20, 1992.
: Section 76 (b) of Circular 1318 allows FCDUs of local commercial banks to purchase Philippine debt papers without prior Central Bank approval.
: No. The foreign exchange used for such purchases shall not be sourced from the banks' regular accounts.
: Banks are required to submit weekly reports of their Philippine Debt Paper transactions to the Foreign Exchange Regulations Department of the Central Bank in the prescribed format.
: Banks may be subject to administrative sanctions including suspension and/or revocation of their authority to engage in foreign exchange transactions, as provided in Sections 34 and 34-A of R.A. 265, as amended.
: BSP Circular No. 1342 took effect immediately on June 23, 1992.
: Jose L. Cuisia, Jr. signed the BSP Circular No. 1342 as Governor of the Central Bank.
: Monetary Board Resolution No. 521 dated June 11, 1992, authorized the revocation of the previous circulars and the issuance of BSP Circular No. 1342.
: The legal basis for administrative sanctions is found in Sections 34 and 34-A of Republic Act No. 265, as amended.
: The Foreign Exchange Regulations Department supervises and receives the weekly reports from banks on their Philippine Debt Paper transactions as required by the circular.