May 17, 1984
CBP MEMORANDUM
| TO | : | All Airline and Shipping Companies |
| Commercial Banks |
Airline and shipping companies may, at their option: A. apply for forward exchange cover from the Central Bank, or B. purchase Central Bank US Dollar Certificates of Indebtedness for net peso receipts eligible for remittance in accordance with Operating Guidelines No. 6 dated December 12, 1983, Circular No. 970 under the following terms and conditions: aisadc
A. Forward Exchange Cover
1. The obligations are eligible for remittance under Operating Guidelines No. 6 of Circular No. 970, as verified and endorsed by the Foreign Exchange Department I.
2. The agent bank upon being notified of the remittability of the amount shall file with FED II the proforma forward exchange cover contract which includes an authority for Central Bank to debit the bank's peso account with the Central Bank for the amount of pesos to be remitted.
3. The peso payment shall be non-interest bearing. The foreign exchange to be delivered on maturity of the contract shall be the equivalent of the peso payment computed at the guiding rate of...
