BSP Clarifies Amendments to FX Regulations

The Bangko Sentral ng Pilipinas (“BSP”) issued Circular Letter No. CL-2023-027 on the Issuance of Documents by the BSP or Registering AABs in Electronic Form. The BSP clarified that for documents issued by the BSP in electronic form starting 27 March 2020, it will no longer issue original hardcopies to replace the electronically issued BSP documents (including provisional Bangko Sentral Registration Documents [“BSRDs”]). Authorized Agent Banks (“AABs”) or subsidiary or affiliate foreign exchange (“FX”) corporations of AABs may verify with the BSP-International Operations Department (“IOD”) the authenticity of said BSP documents issued in electronic form submitted by clients prior to any FX sale or deposit of funds to peso deposit accounts of non-residents. 

Upon effectivity of Circular No. 1171 on 9 May 2023, registering AABs for investments under Section 37 of the FX Manual shall issue documents (i.e., BSRD, BSRD Letter Advice) on behalf of the BSP only in electronic form. The authenticity of said documents shall not be subject to the required verification with the BSP-IOD. In relation to this, all registering AABs shall request for details on the BSRD number from the BSP-IOD at telephone nos.: (+632) 8708-7110 and (+632) 8708-7106 and/or via email: iod-pid@bsp.gov.ph cc: sladan@bsp.gov.ph and labayorc@bsp.gov.ph.

Lastly, existing BSRDs issued in original hardcopy by registering AABs may be converted to electronic or digitized format: provided, that (a) all the required information will be included in the electronic or digitized copy; and (b) registering AABs shall submit a notice to the BSP-IOD through the above email addresses, indicating therein, among others, the list of BSRD Numbers and name of investors concerned.