Lost BSRD on Foreign Investment Repudiation

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BSP CIRCULAR LETTER NO. CL-2011-083: Lost BSRD on Foreign Investment Repudiation

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Title Source: Supreme Court: Lost BSRD on Foreign Investment Repudiation

Law: Bsp Circular Letter No. Cl-2011-083

Decision Date: Oct 25, 2011

AIG Asian Opportunity Fund L.P.'s Bangko Sentral Registration Document has been reported lost and should not be honored for foreign exchange transactions, as per the guidelines set forth in the Manual of Regulations on Foreign Exchange Transactions.

Law Summary

Notification and Declaration of Loss

The referenced BSRD has been officially reported as lost.
A formal application for replacement of the lost BSRD has been submitted to the Bangko Sentral ng Pilipinas (BSP).

Prohibition on Acceptance of Lost BSRD

The lost BSRD should not be honored if found and presented for financial transactions.
Specifically, it must not be accepted for purchase of foreign exchange for:
- Repatriation of principal or capital.
- Remittance of interest or earnings.

Regulatory Authority and Legal Basis

Enforcement pursuant to Section 40 of the Manual of Regulations on Foreign Exchange Transactions.
The regulation was amended by BSP Circular No. 698 dated 5 November 2010.

Administrative Action and Guidance

The circular serves as official advice for banks and financial institutions under BSP supervision.
Aims to prevent unauthorized or fraudulent use of lost registration documents linked to foreign investments.

Issuance and Effectivity

Adopted on 25 October 2011 and filed on 26 January 2012.
Issued under the authority of Wilhelmina C. Maalac, Managing Director of BSP.

END