October 12, 1955
CBP MEMORANDUM
TO : Authorized Security Dealers
Effective immediately, Authorized Security Dealers may accept and forward to the Exchange Control Department for licensing, applications by or on behalf of non-residents, on E.C. Form X for the purchase and exportation of Philippine securities issued by companies existing as of December 9, 1949, chargeable against blocked peso funds of applicants held with Philippine banks to the extent of fifty per cent (50%) of such balances outstanding as at the close of business on October 4, 1955. Applications under the foregoing category shall be accompanied by a certified statement of the depository bank in which the blocked peso funds of the applicant are held, indicating the name and address of the non-resident applicant, the outstanding balance as of October 4, 1955, and the name of the person operating the account in the Philippines. cdtai
Transactions effected by Authorized Security Dealers under licenses issued by the Exchange Control Department against such applications shall be reported to this Department every Monday of each week.
(SGD.) G. L. RIALP
Acting Director
