Amendments to Foreign Exchange Regulations

November 21, 2011BSP CIRCULAR NO. 742-11SUBJECT : Amendments to Foreign Exchange RegulationsPursuant to Monetary Board Resolution No. 1681 dated 10 November 2011, the following provisions of the Manual of Regulations on Foreign Exchange Transactions issued under Circular No. 645 dated 13 February 2009, as amended are revised as follows: cDTaSH"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.Foreign exchange purchased from AABs/AAB-forex corps to service importations shall be directly remitted to the non-resident beneficiary on the date of purchase. However, foreign exchange purchases may be credited to FCDU deposit accounts of the importer pending remittance to the non-resident beneficiary: Provided, That the importer shall execute a waiver of the requirements of Republic Act No. 6426 (Foreign Currency Deposit Act) dated 4 April 1974, as amended, on the secrecy of foreign currency deposits upon purchase of foreign exchange to enable the BSP to...