January 10, 1979

CBP CIRCULAR LETTER

TO : All Authorized Agent Banks, Stock Transfer Agents and Registrars

We have noted that the Daily Reports of Purchases and Sales of Philippine securities under Circular 365 dated March 16, 1973 and No. 513 dated April 12, 1976, as amended, being submitted to this Office by authorized stockbrokers/dealers are invariably delayed allegedly because of late deliveries of stock certificates, and inadequate information (FED-STD numbers, date, amount registered, etc.), which reports are needed in processing by this Office of applications to repatriate divestment proceeds of CB-approved Philippine securities (registered under Circular No. 365) in favor of non-resident investors.

Since unwarranted delays in repatriating the above-mentioned proceeds tend to prejudice foreign investors, you are hereby enjoined to take positive steps to expedite the transmission of registration data/delivery of stock certificates to authorized stockbrokers/dealers so that repatriation of divestment proceeds/dividend remittances could likewise be facilitated. LLpr

(SGD.) B. D. RUIZ
Director