Declaration of Foreign Exchange Assets of Residents and Non-residents

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Declaration of Foreign Exchange Assets of Residents and Non-residents

CBP Notification to Authorized Agents No. 11-50

January 11, 1950

January 11, 1950CBP NOTIFICATION TO AUTHORIZED AGENTS NO. 11-50SUBJECT : 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,...
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Declaration of Foreign Exchange Assets of Residents and Non-residents

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Bangko Sentral ng Pilipinas

BSP Notifications to Authorized Agents

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