January 11, 1950
CBP NOTIFICATION TO AUTHORIZED AGENTS NO. 11-50
SUBJECT : Declaration of Foreign Exchange Assets of Residents and Non-residents
1. In accordance with the provisions of Central Bank Circular No. 20 dated December 9, 1949, Philippine residents and non-residents are required to declare their foreign exchange assets as of December 9, 1949 in the following manner:
a. Residents must report on E.C. Form No. 306:
(1) All assets located in the Philippines and expressed in foreign currency, whether held directly, or through in or with a bank or banking institution located in the Philippines, or otherwise, and
(2) All assets, whether expressed in Philippine pesos or in a foreign currency, situated abroad and held through, in, or with a bank or banking institution located in the Philippines.
b. Non-residents must report on E.C. Form No. 307, all assets located in the Philippines, whether expressed in Philippine pesos or in a foreign currency, regardless of the manner in which they are held.
(E.C. Forms Nos. 306 and 307 supersede E.C. Form No. 1)
2. Assets to be declared include money, checks, drafts, bank...
