Guidelines on Foreign Currency Exchange Rates Use

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PPA MEMORANDUM CIRCULAR NO.05-2005: Guidelines on Foreign Currency Exchange Rates Use

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Title Supreme Court: Guidelines on Foreign Currency Exchange Rates Use

Law: Ppa Memorandum Circular No.05-2005

Decision Date: Apr 11, 2005

The PPA Memorandum Circular No. 05-2005 establishes uniform guidelines for applying foreign currency exchange rates to dollar-denominated port charges, mandating the use of the prevailing US Dollar-Philippine Peso rate at invoice issuance and enforcing strict penalties on unpaid invoices.

foreign currency

currency exchange

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Scope of Application

The prescribed FCER guidelines apply to all port charges billed by the PPA that are denominated in US Dollars.
The guidelines cover both manual and computerized systems under the PPA MIS Computerization Project.
This uniform procedure aims to streamline and harmonize the application of currency exchange rates within all PPA financial transactions.

Interest and Penalty Charges

Interest and penalty charges will be strictly imposed on all invoices that remain unpaid past due dates.
These charges must be computed in accordance with existing guidelines applicable to unpaid port charges.
The measure ensures timely payment compliance and enforces financial discipline among port users.

Supersession and Effectivity

This circular supersedes the earlier PPA Memorandum Circular No.18-2001 dated April 4, 2001.
It took effect immediately upon issuance on April 11, 2005.
The directive aims to update and refine procedures as part of the PPA’s ongoing modernization efforts.

Authority and Adoption

The memorandum circular was officially adopted and signed by Atty. Oscar M. Sevilla, General Manager of the PPA.
It reflects the management’s commitment to maintaining proper financial practices regarding foreign currency transactions within the port authority.

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