August 10, 1970
CBP MEMORANDUM
TO : All Authorized Securities Dealers and Stock Transfer Agents and Registrars
Effective immediately, authorized security dealers are hereby authorized to approve, on behalf of the Central Bank, licenses on the appropriate form authorizing the purchase from non-residents by residents of the Philippines of shares of stock of Philippine companies which are held abroad, provided that payment for such shares do not involve any foreign exchange outflow from the Philippines and such shares are repatriated to the Philippines and transferred in the local registry in the name of the resident purchaser. Where such securities have already been purchased by residents from non-residents prior to the date of this memorandum, authorized security dealers may approve, on behalf of the Central Bank, licenses for the importation of such shares to the Philippines for account of the resident purchaser without requiring the purchaser to state the source of the foreign exchange paid for the said shares. The licenses issued by an authorized security dealer, for and on behalf of the Central Bank, covering the purchase by...
