January 24, 1961
CBP MEMORANDUM
TO : Authorized Agents ECD No. 32-61
BASIC RULES GOVERNING REMITTANCE OF DIVIDENDS AND PROFITS AT THE FREE MARKET RATE
1. Authorized Agents may license the remittance to nonresident investors at the free market rate, under the provisions of Central Bank Circular No. 106 dated April 25, 1960, of profits and dividends declared out of profits earned beginning January 1, 1960, on their approved foreign capital investments in the Philippines, provided the application and their supporting documents are filed with the Authorized Agents concerned within nine (9) months from the end of the fiscal year during which the profits to be remitted were earned. LLjur
2. For the purpose of this memorandum, the following are approved foreign capital investments:
a) Shares of stock in pre-December 9, 1949 Philippine companies belonging to nonresidents which were in nonresident status as of December 9, 1949, and which have been held continuously by the same nonresident stockholders up to the date of the application, or were acquired by the nonresident stockholders to whom cash dividends are to be remitted by...
