November 6, 2013
BSP CIRCULAR NO. 818-13
SUBJECT : Amendments to Foreign Exchange Regulations
Pursuant to Monetary Board Resolution Nos. 1094 dated 4 July 2013 and 1713 dated 17 October 2013, the following provisions of the Manual of Regulations on Foreign Exchange Transactions (issued under Circular No. 645 dated 13 February 2009, as amended) are further revised as follows:
"Section 6. General Policy. — As a general rule, all kinds of merchandise imports are allowed. However, the importation of certain commodities are regulated or prohibited for reasons of public health and safety, national security, international commitments, and development/rationalization of local industry.
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A duly accomplished application to purchase foreign exchange using the prescribed format (Annex A) and supporting documents (as may be applicable) shall be submitted to AABs/AAB-forex corps to allow the sale of foreign exchange to pay for import obligations."
"Section 22. The BSP shall regulate foreign/foreign currency loans to ensure that principal and interest owed to creditors can be serviced in an orderly manner and with due regard to the economy's overall debt servicing capacity. . ....
