Philippine central bank simplifies FX policy for foreign investment registration

Foreign investments can now be registered upon registering at any authorized agent bank.

The Philippine central bank’s monetary board has approved amendments to foreign exchange (FX) regulations covering foreign investments in the country.

Foreign investments registerable with registering authorized agent banks are now allowed to be registered upon reporting by the registering authorized agent bank to the BSP, subject to compliance with the applicable guidelines.

The BSP has also dispensed with the issuance of Bangko Sentral Registration Documents for the aforesaid foreign investments, provided they are registered with the BSP through the registering authorized agent banks.

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Amendments also streamlined the reporting forms and procedures pertaining to these foreign investments.

A transitory period until 30 September 2024 is provided to allow registering authorized agent banks to make the necessary preparations and adjustments to their systems and processes.