December 5, 1958
CBP MEMORANDUM
TO : All Authorized Agents
For the information and guidance of all Authorized Agents, the following answers to queries relating to blocked pesos of nonresidents which are required to be deposited in special blocked fiduciary accounts as a pre-condition to remittability, under the provisions of Central Bank Circular No. 90 dated October 22, 1958, are transcribed below: LLphi
"1. Q. Whether or not peso accounts or credits in the books of accounts of residents in favor of nonresidents which are not deposited in special blocked fiduciary accounts under the provisions of Central Bank Circular No. 90 prior to December 15, 1958, may be invested in the Philippines without further licensing but with no right of remittance of capital or earnings thereof.
A. Nonresident peso accounts or credits in the books of accounts of residents not deposited in special blocked fiduciary accounts under the provisions of Central Bank Circular No. 90 may be invested in the Philippines without further licensing but with no right of remittance, directly or indirectly, of capital or earnings. However, the funds...
