Amendment to BSP Circular on FX Forward Docs

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BSP CIRCULAR NO. 435: Amendment to BSP Circular on FX Forward Docs

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Title Source: Supreme Court: Amendment to BSP Circular on FX Forward Docs

Law: Bsp Circular No. 435

Decision Date: Jun 11, 2004

The Monetary Board's amendment to BSP Circular No. 407 streamlines the documentary requirements for repatriating proceeds from BSP-registered foreign investments, allowing forward foreign exchange contracts under specific conditions.

Law Summary

Clarification of Documentary Requirements Under Disbursement Authority/Order of Approval (DA/OA)

The caption in Item B.1.2 was amended to "Under DA/OA, Documents Against Payment (DP) or Direct Remittance (DR)".
This revision clarifies the acceptable types of documentary submissions under DA/OA for FX transactions.

Effective Date and Promulgation

The amended provisions take effect fifteen (15) calendar days after publication in a Philippine newspaper of general circulation.
This ensures reasonable public notice and compliance time for stakeholders.

Legal Authority and Issuance

The Monetary Board approved the amendment through Resolution No. 725 dated May 20, 2004.
The amendment was issued under the authority of BSP Circular No. 435 dated June 11, 2004.
Rafael B. Buenaventura, BSP Governor, signed the circular, reflecting official BSP endorsement.

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