Amendments to Foreign Exchange Regulations

October 18, 2013BSP CIRCULAR NO. 815-13SUBJECT : Amendments to Foreign Exchange RegulationsPursuant to Monetary Board Resolution Nos. 1094 dated 4 July 2013 and 1669 dated 10 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 3. Peso Accounts of, and Sale of Foreign Exchange to, Non-Residents. —1. Peso Accounts of Non-residents. All peso deposit accounts of non-residents, including foreign banks, opened/maintained with AABs operating in the Philippines, shall be funded only by the following, subject to the provisions of Appendix 1.1:a. inward remittances of convertible foreign exchange; 3 b. peso income of non-residents from, or peso sales proceeds of, properties in the Philippines allowed to be owned by non-residents under existing laws;c. onshore peso receipts of non-residents from residents for services rendered by the former to the latter, for which the resident would have been entitled to buy foreign exchange from AABs and AAB-forex corps for remittance to the non-resident service provider; cTADCHd. ...